DIOCESE OF
SALFORD
Annual
Report
2024

TABLE OF CONTENTS
Pages 1-4
About us
Introduction from Bishop John
Report from the Chief Operating
Officer
Pages 5-13
Yeèr in Numbers
Annual Report
2024 Finances at a Glance
Page 21
Conclusion
Approval
Pages 14-18
Alm Objective5 and Purpose
Objectives and Activities
Structure, Governance and
Management
Governin4 regulations
Relationships with Other Parties
Statement of Trustees,
responsibilities
Statement as to Disclosure of
information to Auditors
Public Benefit
Investment
Fundraising
Plans for Future Periods
Pages 22 - 25
Report of the Independent Auditors
Pages 26 - 50
Consolidated Statement of Flnancial
Activity Charlty Balance Sheet
Con501idated Statement of Cash Flow
Notes to the Financial Statements
Pages 19- 21
Financial Review
Income l Expenditure
Statement of Reserves
Investment policy and
performance
Principal Risks and
Uncertainties
Trading Subsidiarie5

ABOUT US
Key Personnel
Jenny Clayton - Head of Safeguarding
John Corrigan - Director of School Property
Nicola Cosens - Director of Finance
Charlty Registered Name: The Salford
Diocesan Trust (TSDTI commonly known as the
Roman Catholic Diocese of Salford and also
referred to as Salford Roman Catholic Diocesan
Trustees Registered {SRCDTR).
Emma Gardner- Head of Environment
Lisa McDermott - Director of Property
Rachel McGee- Head of Communications and
Deputy Chief Operating Officer
Simon Smith - Director of Educatlon
Clair Watson - Head of Human Resources
The diocese includes much of Greater Manchester
north of the Mersey and Lancashire including
Blackburn and Burnley. The dlocese comprlses of
260, 995 Catholics, with 106 parlshes and 206
schools. Charity Registration Number: 250037
Audltors
Auditors Crowe UK LLP, 3rd Floor, St
George's House, 56 Peter Street,
Manchester, M2 3NQ
Bankers
Barclays Bank Plc, 8arclays Business
Centre, Manchester Clty Offfice, PO Box
357, 51 Mosley Street, Manchester, M60
2AU
Re8lStered Address
Wardley Hall, Worsley, M28 2ND
Publlc Address
Cathedral Centre, 3 Ford Street, Salford. M3 6DP
Lloyds Bank, PO Box 545, Faryners House,
25 Monument Street, London, EC3R 8BQ
Trustees
Right Reverend John stanley Kenneth Arnold,
Bishop of Salford
Reverend Canon Michael Cooke,
Vicar General
Reverend Christopher Dawson
Reverend Peter Hopkin50n, Vicar General
Sir Peter Fahy
Edward Nally
Mary Hunter
Reverend Canon Michael Jones Eamonn O'Neal
Brendan Mccafferty
Elizabeth Lilley
Santander, 298 Deansgate, Manchester, M3
4HH
Investment Managers
Evelyn Partners, 14th Floor, 103 Calmore
Row, Birmingham B3 3AG
Sollcltors
Fieldings Porter, Silverwell House, SilverNell
Street, Bolton, BL1 1PP
Financlal Secretary
Paullne Morgan, Chief Operating Officer and
Financial Secretary

IntroduLtion from
Bishop John
December 2024 marked the 10th anniversary of
my installation as the 11th Bishop of Salford.
Much has changed both in our diocese and the
world since then.
Few would have predicted back in 2014 that we
would have to 'lockdown' society to deal with a
worldwide pandemic. We are also witnessing
emerging conflicts around the world, which
irnpact our own diocese, In stoking unrest and
feeling, and we must acknowledge the
continued effect of the cost-of.living crisis. Add
to this the climate emergency and the ever-
growing need for swift and decisive action from
individuals, groups, and governments. Things
may seem difficult or challenging but we must
remember that, in all things, God is with us.
of us in these days, and recognising the
opportunities that He give5 us at thi5 time. We
are justified in celebrating the outcome of the
Diocesan Synod. There was a great diversity in
the people engaging in the Synod. l am very
grateful for all who ensaged in the process, In
different way5.
When I was first appointed, l asked several
questions of clergy and parishioners concerning
liturgical life, sacramental organisation, and
the future of the estate in the diocese. This
resulted in some changes including the age of
Confirmation,
the establishment of the
permanent diaconate, and the development of
a pastoral programme
Hope in the Future
focussed on mission and outreach, and the 2017
parish restructurins proposal.
There is already much to be celebrated In our
parishes, and we must share best practlce and
encourage each other to ensure we can grow
and flourish together as the Body of Christ in
Salford.
In my introduction to the 2017 restructure
proposal, 15aid: "it 15 important that we now
make the necessary changes which I believe will
strengthen our presence as Church in our world
today and help prepare the diocese of Salford
for future generations.
There are also many people in our parishes who
are skilled in different ways, with experience
and talent which might help us on this journey.
And so, our commitment to synodal thinkfng
must continue as a way of discerning how best
to work together to build a diocese fit for the
future and for the purpose of the Church in the
215t century.
l am grateful to the work that has already been
achieved. However, keeping in mind our goal
whlch is 'to equip ourselves in the best possible
way for the continuing rni5sion of the Church,,
7t is now time to ask the question aga7n. Are we
best equipped to be missionary parishes
building a diocese for our future generations?
It is appropriate that we are taking this next
step during our Jubilee Year of Hope, during
which we would do well to continue wth our
diocesan prayer "Stay with us, Lord, on our
Journey"
ensuring we stay focussed and
centred on Christ as we seek to live out and
proclaim Gospel values in our ever-changing
and challenging world.
This question will draw many different answers
from people. Our Diocesan Synod has helped us
to reflect carefully to see what our prTOrities
must be, discovering what God may be asking
Stay with us, Lord, on our journey.

Report from our
Chief Operating Officer
The stewardship of our properties has always
been an important aspect of our work. With a
wide array of buildings across our diocese,
including churches, listed properties, schools,
and parish halls, the upkeep of these assets is not only
financial responsibility but also our commitment to
preserving spaces where faith can thrive for
generations to come. Throughout the year, we have
made e55ential progress in maintaining and upgrading
these properties, ensuring they remain welcoming,
safe, and functional for all who use them. But thls
progress Is just the start of the journey. There is much
more to do. We are mindful of the challenges ahead,
but we face them with confidence, knowing that
through collaboration and
continued support, we can ensure that our properties remain places of worship, community, and
service.
We are especially mindful of the responsibility we bear in being good stewards of the resources
entrusted to us. Our commitment to transparency, accountabilltyi and effective management
remains at the heart of all we do, ensuring that we continue to serve our people wlth Integrlty
and care.
Our resources are more than buildings. The work of the diocese could not continue without the
dedication of our clergy, staff, and volunteers who have helped us achieve all that we have been
able to do over the past 12 months. Every year they respond with a commitment to the mission of
our Church which is invaluable. We are lucky to have so many volunteers who contribute their
time and expertise on an unpaid basis In parishes across a ￿de array of diocesan actiwties. It is
impossible to quantify their contribution and support but without them our parishes and diocesan
life would not be as vibrant or as effective in achieving the Church's mission.
We look to the future with a Sense of hope and purpose. We are committed to ensuring that the
resources we have are used effectively to support the contlnued growth of our Church. We
continue to monitor our donation level and spending to stabilise the diocesan position. As part of
this work we are identifying a strategy to increase funding streams for parishes for capital and
charitable purposes, enabling us to deliver the diocesan priorities in future years, building upon
the foundation laid by prevityjs generations.
CLLI

## **Year in Numbers** 



**----- Start of picture text -----**<br>
increase in<br>Income<br>total yearly<br>£28.8M<br>income £0.56<br>Increase in<br>Expenditure parish yearly<br>£32.4M income of<br>£1.5M<br>22% of our<br>1,477<br>income from<br>Confirmations<br>£163 per<br>Offertory<br>parishioner<br>£0.7M<br>spent on<br>reclaimed in<br>repairs and<br>Gift Aid<br>1 maintenance of<br>churches<br> Ordination<br>2,606 Baptisms<br>2606 Baptisms to the<br>priesthood<br>3,630<br>1,477<br>First Holy<br> Confirmations<br>Communions<br>2,221<br>28,423<br>Weekly<br>Average<br>28 423<br>Communion<br>Weekly Mass<br>AverageAttendance At Home<br>6<br>Weekly Mass 392 Visits<br>Permanent<br>Attendance Weekly Sunday<br>Deacons<br> Masses<br>**----- End of picture text -----**<br>




Our Faith in a Changing World
This year has been marked by significant milestones that celebrate the rich traditions and
history of our diocese in the face of a new generation of faith in the 21 st-century. From the
centenary of our Diocesan Pilgrimage to Lourdes, to the ongoing restoration of our cathedral,
and a Diocesan Synod that engaged with thousands of people of all ages, 2024 has been a year
in which we have looked to both the past and to the future to assess how best we preserve,
protect, and nurture our faith and traditions for generations to come.
As we have celebrated the vibrant legacy handed to us from generations gone by, the
challenges and practices of the modern world have called us to question - what 15 the Church
In Salford at this next stage of our journey?
Celebrating a Legacy of Faith: Lourdes Pilgrimage Centenary
In the summer, hundreds of pilgrims from across the diocese travelled to Lourdes to
commemorate the 100th anniversary of our diocesan pilgrimage. For over a century, this
pilgrimage has been a cornerstone of our faith life, a tradition passed down through
generations of families. It remains a vital expression of our devotion to Our Lady and a
testament to the power of collectfve prayer and faith in action.
Throughout the pilgrimage, generations came together in a spirit of shared faith, with
experienced pilgrims handing down the traditions of decades gone by to young aspiring
volunteers who came In answer to our Christlan call of love and service.
As Blshop John remfnded us as the pllgrfmage drew to a close: "Our Lady came to Ilsten to us,
to know us, and to be our intercessor before Her Son.
Thls powerful image of Our Lady's
presence and intercession reminded us all of the example she calls us to follow. inviting us to
walk together in accompaniment, solidarity, and communion in our shared mission to make
God's love visible in the world around us.
"plOCS

Restoring Our Sacred Spaces
Our Cathedral Restoration Project
continues to make excbting progress.
The scaffolding, which had enveloped
our cathedral for months, 15 being
removed,
revealing
the
restored
stonework and the full glory of the
spire.
In additlon to the exterlor restoration,
the conservation of the Great East
Window has been completed. As the sun
shines through, the window's beauty is
revealed in all its magnificence, vividly
enhancing the images of saint5 and
martyrs that strengthen and guide us in
our own Journey of falth. Inside, the
focus shifts to repairing and decorating
the nave ceTling, bringing new life to
our sacred space.
During our progress so far, the restoration has highlighted the true significance of the
project, in not only renewing and restoring a treasured historic building, but also its
unique role in deepening and enhancing our faith and demonstrating our commitment to
preser￿n£ and protecting our shared heritage.

Restoring Our Sacred Spaces:
A Parish Case Study
In 2024, Saint Mary's Catholic Church-affectionately known a5 "The Hidden Gem"_was
recognised as the top hidden gem in the world, bringing international attention to this
historfc place of worship in the heart of Manchester.
Dating back to 1794, the church remains a sanctuary of silence and prayer amid the city's
bustle. This recognition coincides with significant progress in a multi-phase restoration
project aimed at preseNing the church, presbytery and sacred space in the centre of the
City for its growng congregation and future generations.
Phase One, completed in 2023, focused on stopping the ingress of water and making the
church watertight. Phase Two included the installation of a new fire detection and
emergency lighting system, and the complete rebuild of the 30-year-old church organ,
replaclng failed analogue components with modern digital technology.
Phase Three, carried after 2024 addressed serious drainage issues by initiating work on a
new, independent drainage system-replacing an unsustainable arrangement that previously
channelled rainwater through neighbouring properties. This phase also included the re-
roofing of the old presbytery, the repair of lead-lined gutters, and improvements to
chimney flashings and weatherproofing. These critical works were made possible thanks to
generous parlshloner donations and funding from the National Churches Trust, The Benefact
Trust, and The Wolfson Foundation.
Looking ahead, the parish has launched a new fundraising appeal with a target of £250,000
to continue the restoration journey, ensuring that Saint Mary's remains both a spiritual
refuge and an architectural jewel for future generations.

Ensuring Sustainability:
A Call to Care for Creation
This year, we have taken significant steps toward making our diocese more sustainable, as we
strive to become net zero by 2038. Our diocesan property team, alongside our schools, has
worked tirelessly to reduce carbon emissions and increase energy efficiency. Through a £3
million govemment allocation, we began installing solar panels across our schools, with Our
Lady's RC Primary School in Aspull being the first beneficiary of thls Initiative.
To date, 70 schools have had solar panels installed, with more to follow. These initiatives
have saved an estimated 150 tonnes of carbon emission5, £60,000 in electricity savings, and
generated around 150MW of clean energy.
b•
125
of 160 schools have had
solar PV Installed
funded by
£3.3M
Total install
amounts to
2MW
018o¥ernmeni DFC fundlr
Xl¥haois toth pirt
the pvolect by
radln8 to LED
IIAhtln#
Savlnq an
e5tlmatecl
£300k
across dlocesan
5choo15 estate
•lThts exc￿01 project
sends a powerful
me5sa8e to our younR
people about our
responsiblllly to cafe lor
G¢d's creatlon and that
we can find hope in the
knpthrt of attionil
co
Other schools made
ImprovEJnen¢s ¢0 Insulall¢Jn
and by fftplael￿ wlndows
11J]O tonnes
In 2024 we contfnued to progress decarbonisatlon across our parish estate. A signiflcant
milestone was reached with the receipt of 350 building-level energy audits, provlding the
foundation for targeted carbon reduction efforts. The diocese's first decarbonised pilot
project a parfsh hall, at St Mark's Swlnton, was completed thls year.
We also partnered with the Energy Innovation Agency to explore innovative technologies
aimed at reducing carbon emissions and improving energy efficiency. Year-on-year energy
data reflects ongoing progress, with parish.level carbon dioxide emissions reduced by 10% in
2023. Electricity usage rose slightly (+19%), while gas and oil consumption continued to fall,
with reductions of 14% and 35% respectively. These trend5 highlight both the impact of
energy-saving initiatives and the need for continued focus on electricity use.

Guardians of Creation:
A Global Call to Action
Bishop John's commitment to enwronmental sustainability
has reached a global platform this year. As part of the
'Guardians of Creation, initiative, Bishop John and
representatives from our diocese were invited to showca
their work at the Vatican.
This project, which aims to equip Catholic dioceses across
the UK to respond to Pope Francis, call to care for our
common home, prowdes practical guides to decarbonising
Catholic institutions. The visit was an opportunity to share
our experfences and research-based solutions with the Holy
See and global Catholic networks. As Bishop John
highlighted, "The Catholic Church is in the unique position
to use Its volce, people, and resources to create a dlfferent
legacy-one that is built on joy, hope, and renewal.
Nurturing the Next GeneratTOn:
Laudato Si, Awards and Youth Engagement
Our efforts to promote sustainability within our schools were
celebrated through the inaugural Laudato Si, Awards. These
awards
recognized the
outstanding
enwronmental
contributions of our young people. Eleanor, a Year 4 student
from St Michael and St John Catholic Primary School,
received the primary school award for her dedication to
developing gardening projects in her community. Meanwhlle, students f rom Our Lady and St John
Catholic College were recognised for creating a wildflower seed dispersal unit, designed to
promote native wildflower growth.
Bishop John congratulated all the winners and reaffirmed the diocese's commitment to being a
leader in care for creation, noting that 'Each and every one of us has our part to play., These
young environmental advocates inspire us all to care for our common home and embrace our
responsibility as Stewards of God's creation.
Additionally, the "A Call to Lead" programme was launched to bridge the gap between
confirmation and adult formation. ThTS initiative aims to empower young people to become
active leaders in their parish communities. It is an important step in ensuring that the next
generation of Catholics remains engaged and inspired to serve others in faith and action.
10

Care, connectivity, and faith in
tomorrow's world
In the Spring of 2024, hundreds of people representing parishes and clergy from across the
diocese gathered together for the latest update in our diocesan synod journey.
Our Big Listen exercise, which ended in early 2024, gathered more than 30,000 responses
that were explored and presented as four core themes. They were:
Nurturing Faith for Tomorrow's World
Building Connections
Enabling Access
Fostering Christ-Like Care
The Big Listen inspired many people across the diocese. People reported that they felt
encouraged, heard, and that they hoped to see or experience sorne form of change. There
was an excltement and an honesty In the responses submitted, generally looklng forward
with hope.
The four overarching themes were expressed as verbs in order to reflect the dynamism of the
Image of the Church as People of God. They carried the implicit recognition that the dSocese
is not moving off from a standing stop but Is already engaged on these things, while also
suggesting movement into the future.
We were challenged to think about how we welcome, look after our clergy, Involve our young
people and ensure that we are truly a missionary Church.
Respondents overwhelmingly expressed a desire that the Church should be a source of hope
for the future. Amid a society that sets up barriers between people, the Church has the
potential to help people to negotiate the complex and unstable landscape in which people
today find themselves.
At our gathering respondents explored the themes. Synoj Members were then tasked to
organise and facilitate Theme Gatherings in their parishes and communitie5 to explore these
themes in more detail with as many people as possible. This culminated in proposals that
were submitted to our Voting Weekend In 2025.
"Love for God and neighbour ought to be the centre of anythins we're tryins to
achieve ond it is important we recognise that we are one body - not just a
communi ty - but the body of Christ on o mission.
Bishop John
May 2024

Creating Lasting Change
As part of our ongoing commitment to creating lasting change we are using our position as a
responsible investor to use our influence to drive meaningful change. As a faith based
organ7sation, we look beyond financial return to be good steward5 of our resource5 and the
common good and our common home.
In 2023 this stance was clearly demonstrated when we made the values-driven decision to
fully divest from fossil fuel companies. This move reflected our belief that continued
investment in businesses that contribute significantly to the climate crisis undermines the
very progress we seek to promote.
In 2024 we expanded this week and started to conduct regular reviews of our investment
portfolio, assessing our impact and adapting to evolving economic, environmental, and social
landscapes. We believe that stewardshlp involves not only supporting progress but also
recognis7n8 when our involvement is no longer effective.
We look to be accountable, transparent, and evidence our commitment to posltlve Impact.
This is replicated across our departments and is a clear goal of our safeguardlng work. In
2024, the Safeguarding Department made two developmental changes to further this goal.
Firstly, wa5 the introduction of a Welfare Officer, the aim of the post is to provide addltional
support for those clergy and volunteers in need. By engaging a proactive post, we are looking
to embed care and promote positive connections. The second structural change was agreed in
2024 and will see the establishment of a Survivors Panel in 2025. It speaks to the heart of our
alm to be accountable, transparent and hear the voice5 of survivors.
Since publishing our flrst diocesan Modern Slavery statement In 2022, we have continued to
build on our commitment to ethical practice5 across the diocese. In 2024, our focus shifted to
supporting parishes and schools in implementing our Code of Conduct for Suppliers,
introduced in 2023. The Finance Department developed a preferred supplier list to help
parishes make informed, ethical choices in their procurement processe5.
Worklng with Caritas Diocese of Salford, we are also delivering awareness training days to
help parish and school communities recognise the signs of modern slavery in a local context.
ThT5 work, reflects our ongoing respon5ib7lity to challenge exploitation and promote human
dlgnity throughout all diocesan activity.

2024 Finance at a Glance
Income
Irotal Income of £28.8m (2023 £28.2)
IncoD*framCharltib￿Artl￿tI
Oih•r lrto
SCIL- Sthool $ulkllniWorkt
JJ.9%
InE•m• fr•m Inv•sfm•nt%
9.1%
Olh•rTr•dlniArtt41i￿S
PonatlDn$ 4ntt ￿￿¢1•1
Zg.9%
Expenditure
Total Expendlture of £32.4m (2023 £35.9)
SCA- Scl¥Jd BullthTri Wor
2VI
CMrltableArtlvldes
63%
Ra151ni Fund5

Aims, Objective and Purpose
The core mission and purpose of the Diocese of Salford is to respond to and live out Christ's
call to "go and proclaim the Good News"
Currently, our diocese comprises 106 parishes
serving 260,995 Catholics across much of Greater Manchester and East Lancashire.
Through these wbrant communities, we seek to realise our mission by providing opportunities
and activities undertaken by our parishes and central service5 to help people nurture and live
out their faith. These activities are guided by Gospel values and the principle of good
stewardship and are grounded in worship, educatlon, charity, and care for our common home.
Objectives and Activltles
Support to priests durins both their active service and in retTrement or ill health
Charitable works to show our Gospel values to the world around us
Access to the Sacraments
Education and Youth Services
Ongoing Formation for our communities and our clergy
Education and Trainlng for those who wish to be priests
Malntenance and upkeep of our church and parish buildlngs
Providing assistance to governors regarding the upkeep of school bufldings through grant
schemes under the DFC and SCA
Access to professional advice and support for our communStles Includlng In Safeguarding,
Health and Safety, Human Resources, Project Management, Property Management, Data
Protection and Finance
Structure, Governance and Management
The Bishop of Salford is ex.officio the Chair of Trustees and mefflbership of the board is based
upon invitation by the trustees to suitably qualified individua15, subject to approval by the
Bishop. Trustees are selected on the basis of their range of Skills and experience and the board
comprises a mix of both ordained clergy and Catholic lay people. Periodic training and workshop
sessions are also held for the trustee body as a whole.
The diocese employs a Chief Operating Off7cer to oversea the day to day professional support.
The Chief Operating Officer also holds the Office of Financial Secretary.
Governing regulations
The Trust Deed of the Charity governs appointments of Trustees. The latter are chosen according
to their experience of the Trust's Ministry and of its need to function in accordance with both
Canon and Civil Law. Each Trustee Board committee has defined terms of reference, detail7ng
the delegated authorlties where appropriate.

Trustee committee5 including in the areas of..
Audit Committee
Claims Committee
Enwronment Committee
Finance Committee
HR Committee
H&S Committee
Investment Committee
Planning and Resources Committee
Property Committee
Remuneration Committee
Safeguarding Committee
Schools & Academles Commlttee
Annual pay reviews are approved by either the Remuneration Committee (for senior staff) or the
HR Committee, based on external advice and information and recommendations from the Chief
Operatlng Officer. The salary for the COO Is also agreed by the Trustees at the Remuneration
Committee. In setting overall pay leve15 for our staff, the diocese takes account of pay practice
In other similarly sized charities and, where necessary, private or public sector organisations for
specialist and technical roles.
The fixed assets and Investments of the Charity are vested In a trust wlth the Dlocesan Trustees
as the managing Trustees. Recognlsing the need for expertise, the Trustees have engaged
professional adv5sors In the areas of flnance, Investment, Insurance, law and protectlon of
minors and vulnerable adults.
The Trustees are Ilsted on page 1.
The Trustees keep themselves informed of new developments in the above areas and when
necessary, rneet to be briefed on particular i5sue5 by their advisors.
The Trust has three active wholly owned trading subsidiaries. See Section Trading Subsidiaries on
page 21.
Relationships with Other Parties
The Trustees consider Caritas Dioce* of Salford to be a related party by virtue of it having
common Trustees. The Charity's aim Is that the lives of all people should be free from povertyi
disadvantage, and discrimination. Their purpose is to help the most vulnerable children, young
people, and adults in our communities to transform their lives and fulfil their potential.

The faith and teachings of the Roman Catholic Church clearly infom and have
a profound Influence on the operating poliaes in place within the Trust.
As a Catholic diocese within England and Wales, the Diocese of Salford co-operates
on various initiatives, projects and other matters of common interest with other
Catholic dioceses, charities and agencies of the Catholic Church.
For example, the Diocese and its parishe5 5UPPOrt the activities of other charities such as the
Catholic Agency for Overseas Development ICAFODI, the offiaal aid agency of the Catholic
Church in England and Wales (Charity no 1160384> and adopts unified pollcies through national
bodies for the safeguarding of children and adults at risk of harm.
Statement of Trustees, responsibilities
The trustees are responslble for preparing the Trustees. Annual Report and the financlal
statements in accordance with the United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accountlns Practicel and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each
financial year which give a true and fair view of the situation of the charity and of the
Incoming resources and application of resources of the charity for that pedod.
In preparins these financlal statements, the trustees are required to:
Select suitable accounting policies and then apply them consistently;
Observe the methods and princlples in the Charities SORP;
Make Judgements and estimates that are reasonable and prudent.
State whether applicable accounting standards have been followed, subject to any
material departures disclosed and explaTned in the financial Statements.
And prepare the financial statements on the going concern basi5 unless it Is inappropriate
to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with
reasonable accuracy at any time the financlal position of the charity and enabte them to
ensure that the financial statements comply with the Chartties Act 2011, the applicable
Charities (Accounts and Reports) Regulations, and the provlsions of the constitution.
The trustees are also responsible for safeguarding the assets of the charity and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and Integrity of the financial information
included on the charity's website.

Statement as to Disclosure of information to Auditors
The trustees who were in office on the date of approval of these financial statements have
confirmed, as far as they are aware, that there is no relevant audit infomatSon of which the
auditors are unaware.
Each of the trustees have confimied that they have taken all the steps that they ought to
have taken as trustees to make themselves aware of any relevant audit information and to
establish that it has been communicated to the auditor.
Public Benefit
The Trustees have ensured they carry out the Trust's objectives for the public benefTt and
have (in accordance with Charities Act 20111 had regard to guidance published by the Charity
Commission on public benefit when exercising powers or duties where that may be relevant.
It Is clear from the detall in the Trustees Report that the Tmst acts In a way whlch
beneficially impacts on society. It promotes public services, in dedicated buildings and
elsewhere, in accordance with the practices and teachin85 of the Roman Catholic Church, for
hearing and appropriating the word of God and for the worship of God both generally and at
slgnificant polnts in people's Ifves. In this way It helps form and gives expression to the
spiritual dimension of the lives of rnember5 of the public. It also thus provides religious and
moral parameters by which individual members of the public may live fulfilled lives and act
in a way which is socially beneficial and influence wider society for the better. The Trust also
engages in a number of practical expressions of Christian faith (including advancing
education in schools and otherwise and relieving various forms of charitable need in social
outreach to the public generally).
Investment
We have established ourselves as a Responsfble and Actlve Investor. Gulded by the principle
of stewardship, with an authentfc set of investment statements and an accompanying
investment framework that demonstrates that the Catholic Social Teaching of Human Dignity,
the Common Good, and Care for Our Common Home are central to how our investment
portfolio is managed, shaped and targeted.
Our investment policy was ratified in 2021 and since then we have Implemented the
following changes and actions:
Delegated power5 to investment Sub committee
Increased fflonitoring of the portfolio and how it relates to our principles
Implemented ESG performance verification and reporting

Implemented additional Roman Catholic values based investment screening
Engaged, collaborated and participated with companies and networks to use
our influence to challenge for change
Divested from fossil fuels, taking a stand against companies that do not
align with our principles.
Fundraising
We are reviewing the way in which we collect funds, maximising the digital options available
to us and revising the funds that we have access to. As part of thi5, new digital solutions are
being rolled out across our churches and special collection5 are being restarted.
A5 wlth other religious charities in possession of Listed Buildings, we are also reviewing the
impact of the announcement by the government on the cap on Listed Buildings of Worship
VAT reclaim scheme. We estimate that Tn 2025, th5s ￿ll require us flnding another £2 million
towards the cost of our cathedral restoration project.
In the flnal quarter of 2024, we employed an external Grants fundralser who Is employed to
apply for capital grant funds and create a grant pipeline for future projects.
The Trust had no fundraising activitie5 requiring disclosure under S162A of the Charities
(Protection and Social Investmentl Act 2016.
Plans for Future Periods
In 2023 and 2024, we implemented a moratorium of all non.essential property spend in our
parishes and all non-essentlal spend In diocesan departments. We felt that a pause was
needed to minimise the impact that current expenditure levels were having on diocesan cash
flow. Additionally, the break also allowed time for strategic planning to take place, allowing
us to create a property vision to take the diocese into the next decade; creating parishes that
can respond and adapt to the challenges they face.
The planning stage of this property strategy is now complete, and we are beginning to consult
vAth individual parishes and deaneries to assess their ongoing needs.
In our ￿der plans we will focus on:
Implementing the Priority Recommendations of the Diocesan Synod.
Supporting our clergy continually reviewing our support services to best support our
parishes and schools.
Implementing a property strategy that recognises the future needs of our build7ngs.
Adapting to a new landscape of fundraising in the Church.
Completing our Cathedral Restoration.
Leading by example to care for our common home.
Using our voice to champion for dialogue, change and action as a Responsible and active
investor.

Financial Review
The financial statements reflect the activities with our parishes, all aspects of the central
professional Support Services (curia) and subsidiary activities such as the operating of our
clubs and commercial activities.
The Consolidated Statement of Financial Activities and notes for the year ended 31
December 2024 Is set out on pages xx. Total incoming resources amounted to £28.8 million
In 2024 (2023 £28.2 million). Most of the parochlal funds in the Charity are raised through
donations. The funds raised in the parish support the Individual parish and contribute
towards the expenditure requirements of the diocese.
Income 2024
Total income figures above include £9.7 million in 2024 (2023 £10.7 million)received from
School Bufldlng Projects as set out In accountlng policy note 2.6.
Total overall Donations and Legacies have increased during 2024 by E1.1 million. Our Parish
Income is still well below pre-pandemic levels but has increased £2.5 million above
Inflation from 2020. Our average weekly Mass attendance also increased from 26,417 in
2023 to 28,423. This repeats the pattern of yearly increases since the pandemic. We have
witnessed a 42% rise slnce our lowest attendance in the pandemic.
During the year collections in the parishes for speclflc purposes including those for other
charities totalled £0.1 million (2023 £0.2 million). The investment portfolio achieved
Income of £2.6 mlllion in 2024, slightly lower than the £2.8 mlllion achieved In 2023. Thi5 is
expected due to the divestment of funds to fund our Cathedral Restoration Project.
Expenditure 2024
Total expenditure amounted to £32.4 mlllion in 2024 (2023 £35.9milllon).
Total expenditure figures above Include £ 9.3 million In 2024 (2023 10.4 million)SCA school
building works income and subsequently the related expenditure as referenced above.
Summary
The net result for the year was a deficit £2.1 million {2023 deficit - £7.Om>, leaving retained
funds of E106.6 millTon {2023 £108.8million) at the year end.
The Trustees continue to monitor the activities and budgets of the Diocesan Departments.
The trustees are of the opinion that the necessary measures have been implemented to
ensure the viability of the Trust over the rnedium tenm. This included a moratorium on non
essential building spend in 202312024.
'& The Diocese made contributions of £177k in 2024 {2023 - £173k) to National Bodies of the
,Roman Catholic Church.

Statement of Reserves
The total reserves of the Charity• includlng parochial reserves, amounted to
£106.6 million at 31 December 202412023 £108.8 million).
The unrestricted free reserves i.e. current assets including bank deposits less current
liabilities amounted to £21.8 million (2023 £25.2 million). At 31 December 2024 the free
reserves of the diocese are equivalent to approximately 14 months of recurring expenditure
12023 14 rnonthsl. The Trustees are currently assessing what the current minimum free
reserves should be in the current economic climate.
Restrlcted reserves as at 31 December 2024 were E10. 3 million (2023 E9.8 million).
The major project that will affect future reserves is the Cathedral Project, as this wtll be
funded from the liquldation of Investments. £13 mlllion has been released to date and based
on current Indicative cashflow, we estimate that we will release a further £9 million during
2025, subject to any external funding possibilities and the balance at the end of the defects
liability period in 2026, The diocese has not committed to any other major projects at this
time and are reviewing any in the pipeline.
The demand for servlces both centrally and within our parishes continues to Increase, as do
the associated costs and it is within this setting that the trust has to operate. The diocese, as
part of the 2030 vision, is looklng at the whole estate to ensure that this is fit for future
PLJrpose and sustainable going forward. By managing assets and resources the Trustees are
confident that the Trust has sufflclent available funds to maintain its activities over the
medium term.
Investment policy and performance
The Diocesan Trust deed authorfses the Trustees to invest the general funds of the cha￿tY in
stocks, shares, investment5, and property, in accordance with charity law.
The Trustees have engaged Evelyn Partners Investment Managers, as ad￿sor5. The policy Is to
invest on a low to medium risk basis with a balance of a reasonable rate of return and capital
growth. In 2023 a Responsible Investment Policy was agreed. The policy acknowledges the
Importance of being good stewards of our donations from pastp present, and future
generations. Looking to balance the immediate and future needs of the diocese while ensuring
that our Catholic Principles are upheld in our portfolio by being a responsible and active
investor. This is about active participation through the investments we hold in key Issues as
they affect people and planet.
The Investment Managers report to the Tnjstees on a regular basi5.
The Investment5 are held for the long term. The overall portfolio value decreased in the year
by £4.9 million, mainly as a result of divestment in relation to the planned capital works for
the cathedral, the dividend yield increased slightly by 0.5% resulting is an increase in income
of £5k from 2023. The Trustees will continue to Tnvest as appropriate with the aim of
providlng a secure financial and ethical platform for the d7ocese.
20

## **Principal Risks and Uncertainties** 

The Trustees have assessed the major risks to which the Charity is exposed, in particular relating to the specific operational areas of the Charity, and its finances and investments. The Trustees believe that by monitoring and maintaining reserves at an appropriate level, ensuring that proper controls exist in respect of key financial systems, and by examining the operational and business risks relevant to the Charity, they have established effective systems to mitigate these risks. 

An Audit Committee was established by the Trustees during 2017. Risks currently include reducing the structural deficit, managing properties, ensuring Health and Safety Compliance in all our properties and reducing the burden of our empty properties. 

## **Subsidiaries** 

The Trust has four active wholly owned subsidiaries. 

Catholic Support Services Limited continues to provide training, advice, and recruitment assistance to our Catholic Schools as part of the Diocesan Department for Education and to assist them with building matters. In addition, it administers the links with local hospital trusts and police for the provision of chaplains. The operating surplus from the company is gift aided to the diocese. 

Catholic Building Services Limited is responsible for the development and management of construction and building projects within the diocese. 

SDC Trading Limited the Charity’s subsidiary company responsible for the commercial activities of parish social clubs within the diocese, is currently in a surplus position, of £62.2k in 2024 (2023 £78.7k deficit). 

Catholic Truth Society ceased trading in February 2024. Trustees are now exploring options on how to make best use of the space moving forward. 

## **Conclusion** 

Our financials for the year indicate that our planned actions, a moratorium on non-essential spending and a strategic focus on property management have begun to stabilise our position. Additionally, an increase in donations has further strengthened our financial outlook. While these developments are encouraging, we remain alert to the changing needs of the diocese and we are using the time of stability to implement further strategic measures looking to the future. 

## **Approval** 

This report was approved by the Trustees on 8th July 2025 and signed on their behalf: 

Trustee ........................ 

Rt Rev John Arnold, Bishop of Salford Date: 8th July 2025 



**Diocese of Salford Trustees' Annual Report and Accounts 2024** 

## **Independent Auditor’s Report to the Members of The Salford Diocesan Trust** 

## **Opinion** 

We have audited the financial statements of the Salford Diocesan Trust (the “charitable company”) and its subsidiaries (the “group”) for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 December 2024 and of the group’s incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

22 



## **Diocese of Salford Trustees' Annual Report and Accounts 2024** 

## **Independent Auditor’s Report to the Members of The Salford Diocesan Trust** 

## **Other information** 

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion based on the work undertaken in the course of our audit 

- the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- the parent company has not kept adequate accounting records, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

23 



## **Diocese of Salford Trustees' Annual Report and Accounts 2024** 

**Independent Auditor’s Report to the Members of The Salford Diocesan Trust** 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement set out on page 15, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements such as the Charities Act 2011. 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the completeness and cutoff of non-SCA grant income, legacy income and offertory income, valuation of properties, valuation of the provision for clergy no longer in active ministry and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases and substantive testing of grant and offertory income, challenging management on their rationale for the valuation of historic properties and the assumptions adopted in calculating the provision for clergy no longer in active ministr ~~y.~~ 

24 



## **Diocese of Salford Trustees' Annual Report and Accounts 2024** 

## **Independent Auditor’s Report to the Members of The Salford Diocesan Trust** 

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


Vicky Szulist 

Senior Statutory Auditor 

For and on behalf of 

## **Crowe U.K. LLP** 

Statutory Auditor 

The Lexicon Mount Street Manchester M2 5NT 

**Date: 18th September 2025** 

25 



## Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Consolidated Statement of Financial Activity 

## Consolidated Statement of Financial Activity Year End to the 31st December 2024 

|**Notes**<br>**INCOME AND ENDOWMENTS FROM:**<br>Donations and legacies<br>**2.1**<br>Other trading activities<br>**2.2**<br>Income from Investment<br>**2.3**<br>Income from Charitable activities<br>**2.4**<br>Other income<br>**2.5**<br>SCA - School Building Works<br>**2.6**<br>**Total Income**<br>**EXPENDITURE ON:**<br>Raising funds<br>**3.1**<br>Charitable activities<br>**3.2**<br>SCA - School Building Works<br>**3.3**<br>**Total Expenditure**<br>Net Gains/(losses) on investments<br>**Net income/(expenditure)**<br>Transfer between Funds|**Unrestricted**<br>**Restricted**<br>**Total**<br>£<br>£<br>£<br>7,618,020<br>5,208<br>7,623,228<br>453,492<br>-<br>453,492<br>483,725<br>-<br>483,725<br>63,471<br>-<br>63,471<br>2,967,683<br>362,538<br>3,330,221<br>-<br>-<br>-<br>11,586,391<br>367,746<br>11,954,137<br>1,028,875<br>-<br>1,028,875<br>11,776,101<br>242,295<br>12,018,396<br>-<br>-<br>-<br>12,804,976<br>242,295<br>13,047,271<br>-<br>-<br>-<br>**(1,218,585)**<br>**125,451**<br>**(1,093,134)**<br>-<br>-<br>-<br>**PAROCHIAL FUNDS**|**Unrestricted**<br>**Restricted**<br>**Total**<br>£<br>£<br>£<br>452,290<br>506,406<br>958,696<br>1,550,518<br>-<br>1,550,518<br>2,146,504<br>-<br>2,146,504<br>1,999,781<br>-<br>1,999,781<br>485,457<br>33,496<br>518,953<br>-<br>9,677,941<br>9,677,941<br>6,634,550<br>10,217,843<br>16,852,393<br>1,655,535<br>-<br>1,655,535<br>7,995,640<br>190,152<br>8,185,792<br>-<br>9,504,078<br>9,504,078<br>9,651,175<br>9,694,230<br>19,345,405<br>1,251,235<br>-<br>1,251,235<br>**(1,765,390)**<br>**523,613**<br>**(1,241,777)**<br>-<br>-<br>-<br>**DIOCESAN FUNDS**|**DESIGNATED**<br>**Total**<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**-**<br>-|**ENDOWMENT**<br>**Total**<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**-**<br>-|**2024**<br>**2023**<br>**Total funds**<br>**Total funds**<br>£<br>£<br>8,581,924<br>7,351,610<br>2,004,010<br>2,130,894<br>2,630,229<br>2,782,302<br>2,063,252<br>1,948,637<br>3,849,174<br>3,373,916<br>9,677,941<br>10,661,410<br>28,806,530<br>28,248,769<br>2,684,410<br>2,596,555<br>20,204,188<br>22,915,156<br>9,504,078<br>10,398,122<br>32,392,676<br>35,909,833<br>1,251,235<br>925,314<br>**(2,334,911)**<br>**(6,735,750)**<br>-<br>-|
|---|---|---|---|---|---|



26 

The notes on pages 30 to 50  form part of these financial statements 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Consolidated Statement of Financial Activity 

|**Notes**<br>**Other recognised gains/(losses):**<br>Gains/(losses) on revaluation of<br>investment properties<br>**5**<br>Gains/(losses) on change in actuarial<br>movement<br>**3.8**<br>**NET MOVEMENT IN FUNDS**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|**DESIGNATED**<br>**ENDOWMENT**<br>**2024**<br>**2023**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**Total**<br>**Total**<br>**Total funds**<br>**Total funds**<br>£<br>£<br>£<br>£<br>£<br>£<br>£<br>£<br>£<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>45,000<br>-<br>-<br>-<br>-<br>-<br>-<br>213,000<br>-<br>213,000<br>(322,000)<br>**(1,218,585)**<br>**125,451**<br>**(1,093,134)**<br>**(1,765,390)**<br>**523,613**<br>**(1,241,777)**<br>**213,000**<br>**-**<br>**(2,121,911)**<br>**(7,012,750)**<br>34,509,199<br>7,947<br>34,517,146<br>67,621,357<br>9,818,466<br>77,439,823<br>(3,212,000)<br>1,456<br>108,746,424<br>115,759,173<br>**33,290,614**<br>**133,398**<br>**33,424,012**<br>**65,855,967**<br>**10,342,079**<br>**76,198,046**<br>**(2,999,000)**<br>**1,456**<br>**106,624,513**<br>**108,746,423**<br>**PAROCHIAL FUNDS**<br>**DIOCESAN FUNDS**|
|---|---|



The statement of financial activities includes all gains and losses recognised in the year. 

All incoming resources and resources expended derive from continuing activities. 

Salford Roman Catholic Diocese Trustees Registered has taken advantage of the exemption from the Charities Act 2011 in not presenting as a separate Statement of Financial Activity. 

The surplus/(deficit) for the charity for the year ended 31st December 2024 was (£2.1m) for 2023 (£7.0m). 

27 

The notes on pages 30 to 50 form part of these financial statements 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Consolidated and Charity Balance Sheet 

## Consolidated and Charity Balance Sheet As of 31[st] December 2024 

|**Notes**<br>**Fixed assets**<br>Tangible assets<br>**4**<br>Investment Property<br>**5**<br>Investments<br>**6**<br>**Current assets**<br>Stocks<br>**7**<br>Debtors<br>**8**<br>Cash at bank and in hand<br>**9**<br>Creditors<br>Amounts falling due within one year<br>**10.1**<br>Care of Clergy Provision<br>**10.2**<br>**Net current assets**<br>Total assets less current liabilities<br>**Total net assets**<br>Funds<br>Unrestricted funds - general<br>**13**<br>Restricted funds<br>**13**<br>Permanent endowment<br>**13**<br>Revaluation Reserve<br>**13**<br>Care of the Clergy Provision<br>**Total funds**|**2024**<br>**2023**<br>**£**<br>**£**<br>48,917,324<br>42,734,185<br>8,014,000<br>8,014,000<br>27,885,675<br>32,788,850<br>84,816,999<br>83,537,035<br>50,494<br>79,539<br>9,854,011<br>4,497,734<br>22,294,467<br>33,795,036<br>32,198,972<br>38,372,309<br>(7,392,458)<br>(9,950,920)<br>(2,999,000)<br>(3,212,000)<br>21,807,514<br>25,209,389<br>106,624,513<br>108,746,424<br>**106,624,513**<br>**108,746,424**<br>93,601,100<br>96,585,074<br>10,475,475<br>9,826,412<br>1,456<br>1,456<br>5,545,482<br>5,545,482<br>(2,999,000)<br>(3,212,000)<br>**106,624,513**<br>**108,746,424**<br>**Group**|**2024**<br>**2023**<br>**£**<br>**£**<br>48,809,330<br>42,589,253<br>8,014,000<br>8,014,000<br>27,885,680<br>32,788,855<br>**Charity**|
|---|---|---|
|||84,709,010<br>83,392,108|
|||-<br>-<br>9,715,920<br>4,375,985<br>21,853,615<br>33,139,317|
|||31,569,535<br>37,515,302|
|||(7,015,220)<br>(9,403,194)<br>(2,999,000)<br>(3,212,000)|
|||21,555,315<br>24,900,108|
|||106,264,325<br>108,292,216|
|||**106,264,325**<br>**108,292,216**|
|||93,240,911<br>96,130,865<br>10,475,476<br>9,826,413<br>1,456<br>1,456<br>5,545,482<br>5,545,482<br>(2,999,000)<br>(3,212,000)|
|||**106,264,325**<br>**108,292,216**|



The financial statements were approved by the Trustees on the 8th July 2024 and signed on their behalf by: 


Trustee Rt Rev John Arnold, Bishop of Salford 

The notes on pages 30 to 50 form part of these financial statements 

28 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Consolidated Statement of Cash Flow 

## Consolidated Statement of Cash Flow Year to 31[st] December 2024 

|**Cash flows from operating activities**<br>Surplus / (Deficit) from the reporting period<br>**Adjustments to cash flows from non - cash items**<br>Depreciation<br>Investment income<br>Financial instrument (gains) / losses through statement of financial activities<br>(Profit) / loss on disposal of fixed assets<br>(Profit) / loss on disposal of fixed assets investments<br>Increase/(decrease) in Care of Clergy Provision<br>**Working capital adjustments**<br>(Increase) / decrease in stock<br>(Increase) / decrease in debtors<br>Increase / (decrease) in creditors<br>**Net cash flows from operating activities**<br>**Cash flows from investing activities**<br>Interest received and similar income<br>Purchase tangible fixed assets<br>Sale of tangible fixed assets<br>Purchase of investments<br>Sale of investments<br>Income from dividends<br>(Increase)/ decrease in investment properties<br>**Net cash flows from investing activities**<br>**Net increase/(decrease) in cash flows and cash equivalents**<br>Cash flows and cash equivalents at 1 January 2024<br>**Cashflows and cash equivalents at 31 December 2024**<br>**Cash flows and cash equivalents Summary**<br>Cash at bank and in hand<br>Cash held as part of investment fund|**2024**<br>**£**<br>(2,121,911)<br>1,341,108<br>(2,630,229)<br>(225,477)<br>(725,322)<br>(1,025,758)<br>(213,000)<br>**(5,600,589)**<br>29,045<br>(5,356,276)<br>(2,558,462)<br>**(13,486,283)**<br>1,545,294<br>(7,562,312)<br>763,387<br>(7,268,661)<br>13,494,139<br>1,084,935<br>-<br>**2,056,781**<br>**(11,429,502)**<br>33,993,365<br>**22,563,863**<br>22,294,467<br>269,396<br>**22,563,863**|**2023**<br>**£**<br>(7,012,749)<br>1,335,937<br>(2,782,302)<br>(699,035)<br>(189,203)<br>(226,279)<br>322,000|
|---|---|---|
|||**(9,251,631)**|
|||54,790<br>169,870<br>(236,327)|
|||**(9,263,297)**|
|||1,592,410<br>(5,897,781)<br>204,463<br>(4,648,019)<br>5,347,054<br>1,189,892<br>(45,000)|
|||**(2,256,981)**|
||||
|||**(11,520,278)**|
|||45,513,643|
|||**33,993,365**|
|||33,795,036<br>198,329|
|||**33,993,365**|



The notes on pages 30 to 50 form part of these financial statements 

29 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

Notes to the Financial Statements Year to 31[st] December 2024 

## **1. Significant Accounting policies** 

## **1.1. Basis of preparation of financial statements** 

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements include the results of the Charity's operations which are all continuing: 

- Parochial – consolidation of Diocesan parish accounts 

- Diocesan – consolidation of Central Funds and subsidiary company accounts 

The Charity constitutes a public benefit entity as defined by FRS102. 

## **1.2. Basis of consolidation and scope of the financial statements** 

The statement of financial activities and the balance sheet consolidate the financial statements of the charity and its subsidiary undertakings, made up to the balance sheet date. 

A separate Statement of Financial Activities for the charity has not been presented because the Trust has taken advantage of the exemption from the Charities Act 2011. 

## **1.3. Areas of Judgement or Estimation** 

The preparation of the financial statements in line with the Charities’ SORP and FRS102 requires the trustees to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure. The estimates and associated assumptions are based on historical experience and other factors which have been considered relevant. Actual results may differ from these estimates. 

Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 

The trustees do not consider that there are any estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities. 

The items in the accounts where these judgements and estimates have been made include: 

- Assessing the probability of the receipt of legacy income. 

- Estimating the useful economic life of tangible fixed assets for the purposes of determining a depreciation charge. 

- Assessing the need for any provision against slow-moving and/or obsolete stock within SDC Trading Limited. 

- Assessing the recoverability of outstanding debtors and the need for any provision for bad or doubtful debts. 

- Where certain clergy who are no longer in active ministry and the Diocese has undertaken a commitment of care a provision has been recognised using a 2024 discount rate of 5.3% (2023 4.5%) (Note 10.2) 

The notes on pages 30 to 50 form part of these financial statements 

30 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **1.4. Foreign exchange** 

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. 

## **1.5. Going concern** 

The financial statements have been prepared on a going concern basis. 

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast a significant doubt on the ability of the Charity and group to continue as a going concern and that they have no material uncertainties about the entity’s ability to continue as a going concern. The trustees made this assessment in respect of there being adequate cash and reserves in place for a period of at least one year from the date of approval of the financial statements. 

## **1.6. Income and endowments** 

All income is recognised once the charitable group has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. 

## **1.6.1.** Donations and legacies 

Donations and Legacies are recognised when the receipt is probable, and the amount of income receivable can be measured reliably. Income is deferred only when the charity must fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period. 

## **1.6.2.** Other trading activities 

Details of trading activities are set out in the notes. Income receivable is accounted for in the period in which the relevant service or goods are provided or supplied. 

## **1.6.3.** Investment income 

Interest on funds held on deposit is usually included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank. 

Dividends are recognised once the dividend has been declared and notification has been received of the dividends due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. 

## **1.6.4** . Charitable activities 

Income from charitable activities is recognised as earned when the related services are provided. The Diocese receives substantial help from volunteers. It is not possible to place a financial value on this work and no amounts are therefore included in the financial statements for the value of services donated by volunteers. Gifts of fixed assets are included at valuation and recorded as donation income. 

## **1.6.5.** Government and other grants 

Government and other grants are recognised under the performance model. Income is recognised where the grant does not impose performance related conditions and when the performance related conditions are met. 

## **1.6.6** SCA – (Schools Building Work) 

Grants received from the education authority are recognised as income on a receipts basis. These funds have been granted to the Diocese as restricted funds to be expended on school building projects. These projects may spread over several years and so there is a balance on the fund at the year end. 

The notes on pages 30 to 50 form part of these financial statements 

31 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **1.7. Expenditure** 

All expenditure is recognised once there is a legal or constructive obligation committing the charity to that expenditure. It is probable that settlement will be required, and the amount of the obligation can be measured reliably. 

All expenditure is accounted for on an accruals basis. All expenses are allocated or apportioned to the applicable expenditure headings. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. 

## **1.7.1.** Raising funds 

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. 

## **1.7.2.** Charitable activities 

Charitable expenditure comprises those costs incurred by the Charity in the deliverance of its activities and services for its beneficiaries. It includes both costs that can be directly attributable to such activities and those costs of an indirect nature necessary to support them and includes governance costs. 

## **1.7.3.** Governance costs 

Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters. 

## **1.7.4.** Grants Payable 

Grants payable to partner organisations are included in the SOFA when approved by the Trustees and agreed with other organisations. The value of such grants unpaid at the yearend is accrued. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued but are noted as financial commitments. 

## **1.7.5** SCA – (Schools Building Works) 

Expenditure is recognised on an accruals basis. These projects may spread over a number of years and so there is a balance on the restricted funds at the year end. 

## **1.8. Taxation** 

The charity is a registered charity and therefore is exempt from taxation. 

## **1.9. Fixed asset investments** 

Fixed asset investments are a form of basic financial instrument and are initially recognised at their transaction value and are subsequently measured at their fair value at the balance sheet date. 

Realised gains and losses on investments are calculated as the difference between the sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal. 

Unrealised gains and losses represent the movement in market value during the year and are credited or charged to the statement of financial activities based on the market value at the year end. 

Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. 

The Trust does not acquire put options, derivatives or other complex financial instruments. 

The notes on pages 30 to 50  form part of these financial statements 

32 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **1.10. Tangible fixed assets – other than property** 

These tangible fixed assets are stated at cost less depreciation, which is calculated to write off the cost or valuation less estimated residual values over their estimated useful lives. Depreciation is provided at the following rates on a straight-line basis and time apportionments are made in the year of acquisition on disposal. 

Fixtures and fittings 10% 

Motor vehicles 25% 

Computer equipment 25% 

Central freehold land and buildings 2% 

Individual works of art, treasures and plate are not capitalised as they are regarded as heritage assets which are held in a manner consistent with the advancement of the Roman Catholic faith, have very long lives and are worth preserving indefinitely. 

## **1.11. Tangible fixed assets – inalienable school property** 

Whilst the Charity is the legal owner of many school properties in the diocese comprising voluntary aided schools and academies, many of which are separate exempt or excepted charities funded through combinations of government grants and voluntary contributions, the nature of the occupation of these properties means that the Trustees do not have the power to dispose of the land and buildings until a school ceases occupation, which in turn requires the approval of the school governors and the Secretary of State. 

Land and buildings legally owned by the Charity and occupied rent free by Catholic voluntary aided schools and academies, which are exempt charities and publicly funded, are valued at £nil for the purposes of these accounts. The Trustees consider that no meaningful value can be attributed to these assets since they are not used directly by the Charity, do not generate income, and cannot be disposed of in the open market or put to alternative use while such occupation, which may be indefinite, continues. 

The governors are responsible for the buildings, and for repair and refurbishment and insurance costs. 

## **1.12. Tangible fixed assets – church property** 

Prior to 1 January 1997, the accounting policy was applied for capital expenditure on church property to be written off in full as incurred. The accounts prepared for previous years therefore did not include any balance sheet value for the Cathedral, Churches, Presbyteries, Halls and other parish property or for their contents. 

As a result of the previous accounting policy, the original costs and accumulated depreciation of all church parish property held at 31 December 1997 was not readily available. After consideration, the Trustee’s view was that a reasonable approximation of the net book value of the church parish property held at 31 December 1997 was established through discounting the insurance values of the above properties by 90%, which is the policy employed to include assets on the balance sheet at estimated historic cost net of accumulated depreciation. 

Following the recommendation of the SORP, the value of church parish property capitalised on the balance sheet is to be depreciated over their expected useful lives at the following rates from 31 December 1997. All depreciation is calculated by using the straight-line method. 

The notes on pages 30 to 50 form part of these financial statements 

33 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

Cathedral, Churches, Presbyteries, Halls and church properties acquired prior to 31 December 1997 

- Land element, Nil 

- Building element, 2% 

Church and Presbytery contents etc 

- Fixtures and fittings, 10% 

- Computer equipment, 25% 

## **1.13. Investment property** 

Investment properties of the Group are held for long-term rental yields. Investment properties are treated as on-current investments and are stated at revalued amounts, representing open market value determined on an annual basis by independent valuers.  Investment properties are not subject to depreciation. 

When an investment property is revalued, revaluation surpluses are taken to the asset revaluation reserve, unless they offset previous revaluation losses of the same investment that were taken to the income statement. Revaluation losses are taken to the asset revaluation reserve, to the extent that they offset previous revaluation surpluses of the same investment that were taken to the asset revaluation reserve. Other revaluation surpluses or losses are taken to the income statement. 

If investment property becomes owner-occupied, it is reclassified as property, plant and equipment and its fair value at the date of reclassification becomes its cost for accounting purposes. Property that is being constructed or developed for future use as investment property is classified as development properties until construction or development is completed, at which time it is reclassified and accounted for as investment property. 

On disposal of an investment property, the difference between the net disposal proceeds and the carrying amount is taken to the income statement; any amount in the revaluation reserve relating to that investment property is also transferred to the income statement. 

## **1.14. Stock** 

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow-moving stocks. Cost is determined using the first-in, first-out (FIFO) method. 

## **1.15. Trade debtors** 

Trade debtors and other debtors are recognised as the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **1.16. Cash and cash equivalents** 

Cash and cash equivalents comprise cash in hand and short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 

## **1.17. Trade creditors** 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

The notes on pages 30 to 50 form part of these financial statements 

34 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

Special and other charitable collections on behalf of other charities have not been included in the Statement of Financial Activities as they are not regarded by the Trustees as being funds of the Diocese. Where any balance has not been paid to the respective organisation concerned, it has been included in creditors. 

DFC – (School Building Work). The Charity assists governors in managing projects and may make grants via the Curial Offices to assist the governors with their liability for school and academy building and repair costs. The Charity administers these monies as managing agent and makes the appropriate payments to contractors for work carried out. Any monies due to the Charity or held by the Charity on behalf of schools and academies, as at balance sheet date, are included in other amounts owed in creditors. 

## **1.18. Pensions** 

The Charity has made suitable arrangements for employer pensions, providing access to defined contribution pension schemes for all members of staff, including ensuring compliance with recent legislation for auto-enrolment and where applicable access to the Teachers’ Pension Scheme England and Wales (TPS) for academic and related staff. Pension costs charged in the statement of financial activities represent the contributions payable by the Charity in the year. 

## **1.19. Funds accounting** 

Funds held by the Charity are either: 

- Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees. 

- Unrestricted designated funds – these are funds which have been set aside by the Trustees for specific purposes. 

- Restricted funds – these are funds which can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose. 

- Permanent endowment funds – these represent funds given to the Charity, subject to the restriction that they are held as capital. Income derived from endowment funds is included in the Statement of Financial Activities, unless restricted to a particular purpose. 

## **1.20. Financial Instruments** 

## **1.20.1.** Classification 

Financial assets and financial liabilities are recognised when the charity become a party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. 

## **1.20.2.** Recognition and measurement 

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

The notes on pages 30 to 50 form part of these financial statements 

35 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

Financial assets and liabilities are only offset in the statement of financial position when, and only when, there exists a legally enforceable right to offset the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. 

Financial assets are derecognised when and when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. 

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. 

## **1.21. Subsidiary/associated bodies** 

The Charity has interests in the following undertakings: 

|**Name, nature of business**|**Registered**|**Class and number**|**% Held**|
|---|---|---|---|
||**Office**|**of shares**||
|**Subsidiaries**||||
|**Catholic Support Services Limited**|Cathedral Centre|One Ordinary|100|
||3 Ford Street,|||
|Company No. 02790890|Salford,|||
||Lancashire.|||
||M3 6DP|||
|**Support for Catholic schools, teachers and parishes, provision**||**of chaplaincy services**||
|**S.D.C Trading Limited**|Cathedral Centre|Two Ordinary|100|
||3 Ford Street,|||
|Company No. 03481323|Salford,|||
||Lancashire.|||
||M3 6DP|||
|**Social clubs in the Diocese of Salford**||||
|**Catholic Building Services Limited**|Cathedral Centre|Two Ordinary|100|
||3 Ford Street,|||
|Company No. 8020372|Salford,|||
||Lancashire.|||
||M3 6DP|||
|**Administration of building projects**||||
|**Catholic Truth Society (Diocese of Salford)** Cathedral Centre||N/A|N/A:|
||3 Ford Street,||consolidated due to|
|Charity no. 218951|Salford,||common trusteeship|
||Lancashire.||and nature of Diocesan|
||M3 6DP||control over assets and|
||||decision of making of|
||||the organisaiton.|



**Advancement of religion by promoting knowledge of the Catholic Faith and its practice among both Catholics and Non Catholics via the circulation of books and publications.** 

## **Associated Bodies** 

**Inter-Diocesan Fuel Management Limited** 2 Park Road South, One Ordinary 11 Birkenhead, Company No. 02891029 Wirral. CH43 4UX **Fuel and power distribution for Diocesan properties within the scheme** 

The aggregate amount of the subsidiaries turnover, expenditure, assets, liabilities and funds at the end of the reporting period can be found in note 18. 

The notes on pages 30 to 50 form part of these financial statements 

36 



Diocese of Salford Trustees' Annual Report and Accounts 2024 

## Financial Statements Notes to the Financial Statements 

## **2. Income and endowments** 

## **2.1. Donations and legacies** 

|**2.2. Other trading activities**<br>**2.3.** **Investment Income**<br>**2.5. Other Income**<br>**2.4. Charitable Activities**<br>Donations<br>Legacies<br>Offertory collections<br>Social and fundraising income<br>S.D.C Trading Limited<br>Catholic Truth Society<br>Income from listed investments<br>Interest on cash deposits<br>Loan Interest Income<br>Moston & Wardley cemeteries<br>Catholic Support Services Limited|**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>853,557<br>5,208<br>550,756<br>-<br>6,213,707<br>-<br>7,618,020<br>5,208<br>**Parochial funds**||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>85,535<br>136,505<br>366,755<br>369,901<br>-<br>-<br>452,290<br>506,406<br>**Diocesan funds**||**2024**<br>**Total**<br>**£**<br>1,080,805<br>1,287,412<br>6,213,707<br>8,581,924||**2023**<br>**Total**<br>**£**<br>728,677<br>521,176<br>6,101,757<br>7,351,610|
|---|---|---|---|---|---|---|---|
|||||||||
|||||||||
||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>453,492<br>-<br>-<br>-<br>-<br>-<br>453,492<br>-<br>**Parochial funds**||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>4,394<br>-<br>1,516,583<br>-<br>29,541<br>-<br>1,550,518<br>-<br>**Diocesan funds**||**2024**<br>**Total**<br>**£**<br>457,886<br>1,516,583<br>29,541<br>2,004,010||**2023**<br>**Total**<br>**£**<br>428,704<br>1,593,570<br>108,620|
||||||||2,130,894|
|||||||||
||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>-<br>-<br>483,725<br>-<br>-<br>-<br>483,725<br>-<br>**Parochial funds**||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>1,084,935<br>-<br>780,693<br>-<br>280,876<br>-<br>2,146,504<br>-<br>**Diocesan funds**||**2024**<br>**Total**<br>**£**<br>1,084,935<br>1,264,418<br>280,876<br>2,630,229||**2023**<br>**Total**<br>**£**<br>1,189,892<br>1,542,410<br>50,000|
||||||||2,782,302|
|||||||||
||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>63,471<br>-<br>-<br>-<br>63,471<br>-<br>**Parochial funds**||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>519,062<br>-<br>1,480,719<br>-<br>1,999,781<br>-<br>**Diocesan funds**||**2024**<br>**Total**<br>**£**<br>582,533<br>1,480,719<br>2,063,252||**2023**<br>**Total**<br>**£**<br>540,054<br>1,408,583|
||||||||1,948,637|
|||||||||
|Other income<br>Rental Income<br>Grant Income<br>Profit/(loss) on disposal of fixed assets|**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>1,263,694<br>-<br>699,655<br>-<br>276,241<br>25,247<br>728,093<br>337,291<br>2,967,683<br>362,538<br>**Parochial funds**||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>69,317<br>16,496<br>418,151<br>-<br>760<br>17,000<br>2,771<br>-<br>-<br>485,457<br>33,496<br>**Diocesan funds**||**2024**<br>**Total**<br>**£**<br>1,349,507<br>1,117,806<br>319,248<br>1,062,613<br>3,849,174||**2023**<br>**Total**<br>**£**<br>1,545,380<br>971,888<br>667,445<br>189,203|
||||||||3,373,916|
|**2.6. Other Income – SCA – School Building Works**<br>**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>SCA - School Building Works<br>-<br>-<br>-<br>-<br>**Parochial funds**|||||||**2023**<br>**Total**<br>**£**<br>10,661,410<br>10,661,410|
||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>-<br>-<br>-<br>-<br>**Parochial funds**||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>-<br>9,677,941<br>-<br>9,677,941<br>**Diocesan funds**||**2024**<br>**Total**<br>**£**<br>9,677,941<br>9,677,941|||
|||||||||



The notes on pages 30 to 50 form part of these financial statements 

37 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **2.7. Subsidiary companies** 

Trading activities within the diocese consist of the subsidiary companies’ activities as follows: 

|Catholic Support Services Limited<br>Catholic Truth Society<br>S.D.C Trading Limited|**2024**<br>**2023**<br>**Income**<br>**Expenditure**<br>**Net Profit /**<br>**(Loss)**<br>**Net Profit /**<br>**(Loss)**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,708,168<br>868,731<br> <br>839,437<br>442,118<br>29,541<br>41,519<br>(11,977)<br>(69,448)<br>1,516,583<br>1,375,760<br>140,823<br>(142,896)<br>3,254,294<br>2,286,011<br>968,283<br>229,774|
|---|---|



The taxable profit of the subsidiary companies is gifted to the charity so that there is no liability to corporation tax for these entities. Further detailed within note 17 to the financial statements. 

Catholic Building Services Limited remains dormant for 2024. 

## **3. Resources expended** 

## **3.1. Expenditure on raising funds** 

## **3.1.1.** Investment management costs 

|Investment Management fees|**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>-<br>-<br>-<br>-<br>**Parochial funds**|**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>97,557<br>-<br>97,557<br>-<br>**Diocesan funds**|**2024**<br>**2023**<br>**Total**<br>**Total**<br>**£**<br>**£**<br>97,557<br>142,219<br>97,557<br>142,219|
|---|---|---|---|



## **3.1.2.** Fundraising Costs 

|S.D.C Trading Limited<br>Social and fundraising<br>**Total expenditure on raising funds**|**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>-<br>-<br>1,028,875<br>-<br>1,028,875<br>-<br>1,028,875<br>-<br>**Parochial funds**|**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>1,555,661<br>-<br>2,317<br>-<br>1,557,978<br>-<br>1,655,535<br>-<br>**Diocesan funds**|**2024**<br>**Total**<br>**£**<br>1,555,661<br>1,031,192<br>2,586,853<br>2,684,410|**2023**<br>**Total**<br>**£**<br>1,736,466<br>717,870|
|---|---|---|---|---|
|||||2,454,336|
||||||
|||||2,596,555|



The notes on pages 30 to 50 form part of these financial statements 

38 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **3.2. Expenditure on charitable activities** 

## **3.2.1.** Parish Costs 

|Clergy allowances<br>Gross Wages<br>Employer's NI<br>Pension Costs<br>Staff costs - other<br>Church & presbytery supplies<br>Property Overheads<br>Office costs<br>Parish vehicles<br>Other costs<br>Bank charges<br>Depreciation|**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>892,791<br>-<br>1,075,123<br>-<br>55,649<br>-<br>24,416<br>-<br>29,532<br>-<br>5,111,469<br>14,850<br>3,219,340<br>227,295<br>24,581<br>-<br>27,265<br>-<br>441,938<br>150<br>23,176<br>-<br>840,171<br>-<br>11,765,451<br>242,295<br>**Parochial funds**|**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**Diocesan funds**|**2024**<br>**2023**<br>**Total**<br>**Total**<br>**£**<br>**£**<br>892,791<br>803,078<br>1,075,123<br>925,010<br>55,649<br>29,195<br>24,416<br>48,006<br>29,532<br>520<br>5,126,319<br>6,327,623<br>3,446,635<br>4,293,685<br>24,581<br>10,435<br>27,265<br>30,172<br>442,088<br>728,441<br>23,176<br>60,807<br>840,171<br>740,377<br>12,007,746<br>13,997,349|
|---|---|---|---|



## **3.2.2.** Central & Diocesan Costs 

|Gross Wages<br>Employer's NI<br>Pension Costs<br>Staff costs - other<br>Clergy allowances<br>Sick & retired clergy costs<br>Property Overheads<br>Office costs<br>Church & presbytery supplies<br>Other costs<br>Subsidiary costs<br>Bank charges<br>Bad debts provision<br>Depreciation|**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**Parochial funds**|**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>2,583,197<br>40,589<br>273,404<br>2,672<br>180,319<br>1,726<br>340,738<br>4,098<br>90,421<br>-<br>888,703<br>-<br>1,042,473<br>57,042<br>442,667<br>8,876<br>983<br>-<br>335,570<br>67,876<br>910,250<br>-<br>57,353<br>-<br>(52,655)<br>-<br>460,936<br>888<br>7,554,359<br>183,767<br>**Diocesan funds**|**2024**<br>**2023**<br>**Total**<br>**Total**<br>**£**<br>**£**<br>2,623,786<br>2,582,440<br>276,076<br>267,070<br>182,045<br>189,172<br>344,836<br>417,311<br>90,421<br>98,137<br>888,703<br>786,037<br>1,099,515<br>1,290,137<br>451,543<br>460,019<br>983<br>-<br>403,446<br>507,251<br>910,250<br>1,151,028<br>57,353<br>17,304<br>(52,655)<br>(17,616)<br>461,824<br>532,589<br>7,738,126<br>8,280,879|
|---|---|---|---|



## **3.2.3.** Governance Costs 

|**3.2.4.**Grants Payable<br>Legal & professional<br>Auditors remuneration<br>Accountancy services||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>1,200<br>-<br>-<br>-<br>9,450<br>-<br>10,650<br>-<br>**Parochial funds**|**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>64,541<br>6,385<br>69,042<br>-<br>23,217<br>-<br>156,800<br>6,385<br>**Diocesan funds**|**2024**<br>**Total**<br>**£**<br>72,126<br>69,042<br>32,667<br>173,835|**2023**<br>**Total**<br>**£**<br>228,689<br>61,320<br>18,958|
|---|---|---|---|---|---|
||||||308,967|
||||||**2023**<br>**Total**<br>**£**<br>239,540<br>88,420<br>327,960|
|CATEW/NCF - Gross<br>Survivors Manchester||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>**Parochial funds**|**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>202,761<br>-<br>81,720<br>-<br>284,481<br>-<br>**Diocesan funds**|**2024**<br>**Total**<br>**£**<br>202,761<br>81,720<br>284,481||



## **3.3.** SCA – School Building Work 

|SCA - School Building Works||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>-<br>-<br>**Parochial funds**||**Unrestricted**<br>**Restricted**<br>**£**<br>**£**<br>-<br>9,504,078<br>**Diocesan funds**||**2024**<br>**Total**<br>**£**<br>9,504,078<br>9,504,078|**2023**<br>**Total**<br>**£**<br>10,398,122|
|---|---|---|---|---|---|---|---|
|||-<br>-||-<br>9,504,078|||10,398,122|
|||||||||
|**Total expenditure on charitable activities**||11,776,101<br>242,295||7,995,640<br>190,152||20,204,188|22,915,156|



The notes on pages 30 to 50 form part of these financial statements 

39 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **3.4 Staff disclosures** 

|**3.4**<br>**Staff disclosures**||
|---|---|
||**Restated**|
|||
|**Personnel Costs**<br>Gross Wages<br>Employer's NI<br>Pension Costs<br>Other<br>Total Employee Costs|**2024**<br>**2023**<br>**£**<br>**£**<br>4,293,080<br>4,132,376<br>362,228<br>330,962<br>218,481<br>249,965<br>367,549<br>476,089<br>5,241,337<br>5,189,393|



2023 costs have been restated to include subsidiary costs not consolidated of £1,180,017 

The average monthly number of staff employed, based on average headcount during the year was as follows: 

|Central Diocesan employees<br>Parish employees (excludes parish clergy)<br>Cemeteries employees<br>S.D.C Trading Limited<br>Catholic Truth Society<br>Employees receiving remuneration over £60,000<br>Between £60,000 to £69,999<br>Between £70,000 to £79,999<br>Between £80,000 to £89,999<br>Between £90,000 to £99,999<br>Between £100,000 to £109,999<br>Between £110,000 to £119,999<br>Pension costs to higher paid employees<br>Contributions to a defined benefits pension scheme<br>during the year<br>Key management personnel received salary and pension<br>contributions|**2024**<br>**2023**<br>**No.**<br>**No.**<br>63<br>75<br>90<br>87<br>8<br>8<br>60<br>76<br>-<br>2<br>221<br>248<br>**2024**<br>**2023**<br>**No.**<br>**No.**<br>2<br>2<br>1<br>1<br>1<br>1<br>-<br>-<br>-<br>-<br>2<br>2<br>6<br>6<br>48,474<br>60,823<br>NIL<br>NIL<br> <br>731,899<br>701,657|
|---|---|



## **Remuneration Policy** 

Annual Pay changes are approved by the Trustees, and job roles and remuneration are reviewed periodically. Benchmarking against market rates is employed when new roles are created or when significant roles change hands. 

The notes on pages 30 to 50 form part of these financial statements 

40 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **3.5. Trustees** 

The Board of Trustees is made up of members of clergy and laity of the faithful. The priests receive income for their office together with living accommodation, living expenses and reimbursement of costs incurred on the same basis as other Diocesan priests. No Trustee receives any remuneration or benefits from his/her trusteeship other than cover under the indemnity insurance purchased by the charity.  One (2023: One) Trustee received reimbursement for travel expenses in the year 2024: £994 (2023: £123). 

## **3.6. Employee Loans** 

|The total amount of outstanding loans was:<br>The total amount of car benefit scheme outstanding<br>was:|**2024**<br>**2023**<br>**No.**<br>**No.**<br>**£**<br>**£**<br>-<br>631<br>5,771<br>4,159|
|---|---|



## **3.7. Movement in Net Funds** 

|**. Movement in Net Funds**|||
|---|---|---|
||**2024**|**2023**|
|This is stated after charging:|**£**|**£**|
|Auditors remuneration:|||
|- Audit|63,236|63,581|
|- Other services|38,337|29,509|
|Profit  / (Loss) on disposal of tangible fixed assets|725,322|189,203|
|Profit / (Loss) on disposal of investments|(1,025,758)|(226,279)|
|Depreciation of fixed assets|1,341,108|1,335,937|
|Finance charges payable|83,758|94,102|



## **3.8. Change in Actuarial Movement** 

|**8. Change in Actuarial Movement**|||
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|Increase / (Decrease) Care of Clergy|(213,000)|322,000|



The accounts  include a creditor for the Care of the Clergy Provision (please see note 10.2) 

Independently included to provide clarity on the ongoing commitment the Diocese has to those no longer in active ministry. 

The adjustment noted above is a result of change in circumstances of priests included within the current provision. 

The notes on pages 30 to 50  form part of these financial statements 

41 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **4. Tangible Fixed Assets** 

## **Group** 

|**Cost**<br>At 1 January 2024<br>Additions<br>Disposals<br>At 31 December 2024<br>**Depreciation**<br>At 1 January 2024<br>Charge for the year<br>Disposals<br>At 31 December 2024<br>Net book value at 31 December 2024<br>Net book value at 31 December 2023|**Properties**<br>**Work In**<br>**progress**<br>**Fixtures &**<br>**Fittings**<br>**Computer**<br>**Equipment**<br>**Motor Vehicles**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>54,704,655<br>5,713,937<br>4,628,858<br>236,651<br>18,410<br>65,302,511<br>1,346,976<br>5,962,297<br>212,756<br>-<br>40,284<br>7,562,312<br>(68,988)<br>-<br>(110,662)<br>-<br>-<br>(179,650)<br>55,982,643<br>11,676,233<br>4,730,952<br>236,651<br>58,694<br>72,685,173<br>18,784,034<br>-<br>3,575,006<br>190,876<br>18,410<br>22,568,326<br>1,082,882<br>-<br>236,894<br>16,497<br>4,835<br>1,341,108<br>(30,923)<br>-<br>(110,662)<br>-<br>-<br>(141,585)<br>19,835,994<br>-<br>3,701,238<br>207,373<br>23,245<br>23,767,849<br>36,146,649<br>11,676,233<br>1,029,714<br>29,278<br>35,449<br>48,917,324<br>35,920,621<br>5,713,937<br>1,053,852<br>45,775<br>-<br>42,734,185|
|---|---|



## **Charity** 

|**Cost**<br>At 1 January 2024<br>Additions<br>Disposals<br>At 31 December 2024<br>**Depreciation**<br>At 1 January 2024<br>Charge for the year<br>Disposals<br>At 31 December 2024<br>Net book value at 31 December 2024|**Properties**<br>**Work In**<br>**progress**<br>**Fixtures &**<br>**Fittings**<br>**Computer**<br>**Equipment**<br>**Motor Vehicles**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>54,589,965<br>5,713,937<br>3,592,610<br>230,459<br>18,410<br>1,346,976<br>5,962,297<br>210,556<br>-<br>40,284<br>(63,395)<br>-<br>-<br>-<br>-<br>55,873,547<br>11,676,233<br>3,803,166<br>230,459<br>58,694<br>18,669,343<br>-<br>2,682,353<br>186,022<br>18,410<br>1,082,882<br>-<br>197,756<br>16,497<br>4,835<br>(25,330)<br>-<br>-<br>-<br>-<br>19,726,896<br>-<br>2,880,109<br>202,519<br>23,245<br>36,146,651<br>11,676,233<br>923,057<br>27,940<br>35,449|**Total**<br>**£**<br>64,145,381<br>7,560,113<br>(63,395)<br>71,642,099<br>21,556,128<br>1,301,970<br>(25,330)<br>22,832,769<br>48,809,330|
|---|---|---|
|Net book value at 31 December 2023|35,920,622<br>5,713,937<br>910,257<br>44,437<br>-|42,589,253|
||||



## **4.1. Assets not used for charitable purposes** 

|**4.1. Assets not used for charitable purposes**|||
|---|---|---|
|All of the tangible fixed assets are used by the Charity for its charitable purposes<br>with the exception of properties, computer equipment and fixtures and fittings<br>with a net book value of|**2024**<br>**£**<br>107,994|**2023**<br>**£**|
|||144,932|



## **4.2. Capital Commitments** 

|Capital commitments authorised and contracted for at 31 December 2024 were<br>as follows:<br>Diocesan Projects<br>School Capital Projects|**2024**<br>**2023**<br>**£**<br>**£**<br>10,049,534<br>14,509,297<br>7,928,036<br>6,897,033<br>17,977,570<br>21,406,330|
|---|---|



Funding for Diocesen Projecrts includes the Cathedral resoring the glory project funded as agreed by Trustees from divesting part of the Investment portfolio. 

School Capital projects are, in main, funded via the School Capital Allowance Grant from the Department for Education (DfE) 

The notes on pages 30 to 50 form part of these financial statements 

42 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **5. Investment properties** 

|At 1 January 2024<br>Revaluation Gain<br>At 31 December 2024|**2024**<br>**2023**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>8,014,000<br>7,969,000<br>8,014,000<br>7,969,000<br>-<br>45,000<br>-<br>45,000<br>8,014,000<br>8,014,000<br>8,014,000<br>8,014,000<br>**Charity**<br>**Group**|
|---|---|



As at 31 December 2024, the investment properties represent the following: 

|**Property**<br>St Augustine's School All Saints, Manchester<br>Sacred Heart Infant School, Gorton<br>Allen Hall (Land), 281 Wilmslow Road, Manchester<br>St Sebastians, Gerald Road, Pendleton, Salford<br>Former Our Lady's Primary School, Turf Pit Lane, Moorside<br>Playing Fields, St Bedes<br>Key Street Bar of Music, Clitheroe<br>St Wilfrid's Hall, Hulme, Manchester<br>Workshop, on Back Palace Street, Bolton, BL1 2DR<br>Land at Manchester Road Kearsley<br>Rental of Stydd Lodge Farm<br>Former St Paul's RC Church, Preston Old Road BB2 5EP<br>Lee House Farm<br>St Anthony's Centre, Trafford Park<br>**Total Investment Property**|**Revalued Amount**<br>2,250,000<br>485,000<br>2,150,000<br>225,000<br>300,000<br>440,000<br>175,000<br>150,000<br>100,000<br>19,000<br>555,000<br>190,000<br>675,000<br>300,000<br>8,014,000|**Initial NBV**<br>**Revaluation Gain**<br>2,250,000<br>-<br>24,275<br>460,725<br>25,526<br>2,124,474<br>11,994<br>213,006<br>15,015<br>284,985<br>22,023<br>417,977<br>9,306<br>165,694<br>4,206<br>145,794<br>501<br>99,499<br>951<br>18,049<br>25,526<br>529,474<br>9,510<br>180,490<br>17,518<br>657,482<br>52,167<br>247,833|
|---|---|---|
|||2,468,518<br>5,545,482|



The land and properties have been valued by Axis Property Consultancy LLP and P Wilson & Company in August 2023. 

## **6.1. Fixed Asset investments** 

|Subsidiary Undertakings<br>Participating Interest<br>**6.1**<br>Investments listed or traded on a<br>recognised stock exchange<br>**6.2**<br>Cash held as part of investment fund<br>Total Investments|**2024**<br>**2023**<br>**£**<br>**£**<br>-<br>-<br>1<br>1<br>1<br>1<br>27,616,278<br>32,590,521<br>269,396<br>198,329<br>27,885,675<br>32,788,850<br>**Group**|**2024**<br>**2023**<br>**£**<br>**£**<br>5<br>5<br>1<br>1<br>**Charity**|
|---|---|---|
|||6<br>6<br>27,616,278<br>32,590,521<br>269,396<br>198,329|
|||27,885,680<br>32,788,855|



The notes on pages 30 to 50  form part of these financial statements 

43 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **6.2. Investments listed or traded on a recognised stock exchange** 

|**Group and Charity**<br>**Movement**<br>Market value at 1 January 2024<br>Additions at cost<br>Disposal proceeds<br>Capital payments<br>Net gain/(loss)<br>Market value at 31 December 2024<br>**Analysed by type**<br>Bonds<br>Alternatives & Multi-Asset<br>UK Equities<br>Global Equities<br>North America<br>European equities<br>Far East<br>Rest of the World<br>**Analysed by fund**<br>Unrestricted<br>Restricted|6,694,578<br>2,916,508<br>3,143,038<br>2,084,961<br>3,238,142<br>711,401<br>1,494,033<br>705,674<br>**£**<br>**Cost**|**2024**<br>**2023**<br>**£**<br>**£**<br>32,590,521<br>32,364,242<br>7,268,661<br>4,648,019<br>(7,494,139)<br>(5,347,054)<br>(6,000,000)<br>-<br>1,251,234<br>925,314|
|---|---|---|
|||27,616,278<br>32,590,521|
|||**2024**<br>**2023**<br>**Market**<br>**Market**<br>**Value**<br>**Value**<br>**£**<br>**£**<br>6,191,110<br>8,863,411<br>4,726,635<br>3,656,103<br>4,743,139<br>6,145,525<br>2,760,901<br>4,026,517<br>5,892,536<br>5,402,737<br>846,409<br>1,170,723<br>1,761,223<br>2,560,760<br>694,325<br>764,745|
||20,988,336|27,616,278<br>32,590,521|
||20,988,336<br>-|27,616,278<br>32,590,521<br>-<br>-|
||20,988,336|27,616,278<br>32,590,521|



The charity had no holdings which comprised more than 5% of the market value of the portfolio at that date 

## **7. Stock** 

|Stock|**2024**<br>**2023**<br>**£**<br>**£**<br>50,494<br>79,539<br>**Group**|**2024**<br>**2023**<br>**£**<br>**£**<br>-<br>-<br>**Charity**|
|---|---|---|



## **8. Debtors** 

|Trade debtors<br>Prepayments<br>Other debtors|**2024**<br>**2023**<br>**£**<br>**£**<br>1,442,060<br>1,350,101<br>625,646<br>598,419<br>7,786,305<br>2,549,214<br>9,854,011<br>4,497,734<br>**Group**|**2024**<br>**2023**<br>**£**<br>**£**<br>1,372,777<br>1,324,751<br>590,852<br>559,991<br>7,752,291<br>2,491,243<br>**Charity**|
|---|---|---|
|||9,715,920<br>4,375,985|



Within Other Debtors is a balance of £5.0m (2023 £0) relating to expenditure on behalf of the Diocesan schools funded by the government RAAC and Basic Need funding which is claimed in arrears. 

The notes on pages 30 to 50  form part of these financial statements 

44 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **8.1. Loans to Other Charities** 

Group and Charity other debtors include the loan to Ushaw £1,937,844 (2023: £1,669,468) which are repayable on demand. 

## **9. Cash at bank and in hand** 

|Cash at bank and in hand|**2024**<br>**2023**<br>**£**<br>**£**<br>22,294,467<br>33,795,036<br>**Group**|**2024**<br>**2023**<br>**£**<br>**£**<br>21,853,615<br>33,139,317<br>**Charity**|
|---|---|---|



## **10. 1 Creditors: amounts falling due within one year** 

|Trade creditors<br>Social security and taxation<br>Other creditors<br>Amounts due to subsidiaries<br>Accruals & Deferred Income|**2024**<br>**2023**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>737,566<br>1,267,634<br>700,417<br>1,190,873<br>95,550<br>82,241<br>82,774<br>82,081<br>4,394,048<br>7,045,534<br>4,339,648<br>6,986,571<br>-<br>-<br>235,297<br>74,977<br>2,165,294<br>1,555,511<br>1,657,084<br>1,068,692<br>7,392,458<br>9,950,920<br>7,015,220<br>9,403,194<br>**Group**<br>**Charity**|
|---|---|



## **10.1.2 Deferred Income** 

Deferred income in the Charity includes rental income invoiced in advance for the lease year, this has reduced  in 2024 due to move to quarterly invoicing. 

Group includes annual subscriptions paid by schools for education and property services which has increased by both inflation and volume in year and payments for club events in advance.  All deferred income is relased in the following year. 

|Deferred Income opening balance<br>Released in Year<br>Income Deferred in year<br>Deferred income closing balance|**2024**<br>**2023**<br>**£**<br>**£**<br>381,060<br>327,832<br>(381,060)<br>(327,832)<br>432,447<br>381,060<br>432,447<br>381,060<br>**Group**|**2024**<br>**2023**<br>**£**<br>**£**<br>65,233<br>38,263<br>(65,233)<br>(38,263)<br>35,946<br>65,233<br>**Charity**|
|---|---|---|
|||35,946<br>65,233|



## **10.2. Care of Clergy Provision** 

||**Group**||**Charity**||
|---|---|---|---|---|
||**2024**|**2023**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|Care of Clergy Provision|2,999,000|3,212,000|2,999,000|3,212,000|



The  Care of Clergy Provision has been independently assessed and has been included to provide clarity on the ongoing commitment the Diocese has to those no longer in active ministry. 

Should a priest leave active ministry prior to retirement, there is no obligation to accrue for a liability and, as such, this has been excluded. 

The provision has been recognised on the basis that there is an agreement in place with certain clergy who are no longer in active ministry that gives rise to a future commitment. 

It has been calculated based upon the agreed levels of financial support, age profile, mortality tables, an appropriate discount rate (derived from a high quality corporate bond) and the number of priests no longer in active ministry and for whom the Diocese has undertaken an ongoing commitment of care. 

The notes on pages 30 to 50  form part of these financial statements 

45 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **10.2. Care of Clergy Provision (continued)** 

|**Care of Clergy Provision**<br>Provisions at 1 January<br>Increase/(decrease) during the year<br>**Provisions at 31 December**|**2024**<br>**2023**<br>**£**<br>**£**<br>3,212,000<br>2,890,000<br>(213,000)<br>322,000|
|---|---|
||2,999,000<br>3,212,000|



## **10.3. Operating lease commitments** 

|**10.3. Operating lease commitments**|**10.3. Operating lease commitments**|**10.3. Operating lease commitments**|
|---|---|---|
|At 31 December 2024 the company had annual commitments under non-cancellable operating leases:<br>**Group**<br>**Charity**|||
||**2024**<br>**2023**|**2024**<br>**2023**|
|Operating Leases which expire:<br>Within One year<br>Within two to five years|**£**<br>**£**<br>2,009<br>2,009<br>1,494<br>3,503<br>3,503<br>5,511|**£**<br>**£**<br>2,009<br>2,009<br>1,494<br>3,503|
|||3,503<br>5,511|



## **11. Contingent Liabilities** 

Appropriate consideration has been given to historical liabilities in respect of which insurance cover cannot be traced or where the historical policy limits are inadequate. No contingent liabilities have been identified that require disclosure. 

## **12. Related Parties** 

## **12.1. Other Related Parties** 

Mr. Edward Nally has provided consultancy services for a number of years for which he is remunerated and has continued to be paid following his appointment as a Trustee in May 2016. In the accounting year ended 31 December 2024 the total was £55,000 (2023: £55,000). Mr Nally is not paid for his services as a Trustee of the charity but as a consultant to the key management team. 

## **12.2. Donations from Trustees** 

Throughout the year, Trustees who are not members of the clergy attend Mass and other services and events within the Diocese that they live in. In the course of doing so, the Trustees resident in the Diocese of Salford will contribute to the offertory and make other financial contributions to the Diocese of Salford. The nature of such giving means that it is not possible to quantify the amount donated to the Charity by its Trustees during any financial year. 

## **13. Funds** 

|**3. Funds**||
|---|---|
|**Notes**<br>**Unrestricted Funds**<br>**15**<br>**Restricted Funds**<br>Parishes Special Collections<br>**13.1.1**<br>Pleasington Priory<br>**13.1.2**<br>Stydd Trust<br>**13.1.3**<br>Stanford Trust<br>**13.1.4**<br>Ecclesiastical Education Fund<br>**13.1.5**<br>SCA - School Building Works Fund<br>**13.1.6**<br>Other Restricted Funds<br>**13.1.7**<br>**Designated Funds**<br>Care of Clergy Provision<br>**Endowment Funds**<br>SRCDTR<br>**13.3.1**<br>Moston & Wardley Cemeteries<br>**13.3.2**<br>**Revaluation Reserve**<br>**13.4.1**<br>**TOTAL FUNDS**|**Balance**<br>**01-Jan-24**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**Transfers**<br>**Gains and Losses**<br>**Balance**<br>**31-Dec-24**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>96,585,075<br>18,220,941<br>(22,456,151)<br>-<br>1,251,235<br>93,601,100<br>287,603<br>178,420<br>-<br>-<br>-<br>466,023<br>1,064,339<br>358,953<br>(248,195)<br>-<br>-<br>1,175,097<br>309,639<br>-<br>-<br>-<br>-<br>309,639<br>385,466<br>-<br>-<br>-<br>-<br>385,466<br>6,982<br>199,233<br>(74,585)<br>-<br>-<br>131,630<br>7,754,173<br>9,677,941<br>(9,504,078)<br>-<br>-<br>7,928,036<br>18,210<br>171,041<br>(109,667)<br>-<br>-<br>79,584|
||9,826,412<br>10,585,588<br>(9,936,525)<br>-<br>-<br>10,475,475<br>(3,212,000)<br>-<br>-<br>-<br>213,000<br>(2,999,000)|
||(3,212,000)<br>-<br>-<br>-<br>213,000<br>(2,999,000)<br>1,000<br>-<br>-<br>-<br>-<br>1,000<br>456<br>-<br>-<br>-<br>-<br>456|
||1,456<br>-<br>-<br>-<br>-<br>1,456<br>5,545,482<br>-<br>5,545,482|
||**108,746,425**<br>**28,806,529**<br>**(32,392,676)**<br>**-**<br>**1,464,235**<br>**106,624,513**|



The notes on pages 30 to 50 form part of these financial statements 

46 



## Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **13. Funds (Continued)** 

|**Notes**<br>**Unrestricted Funds**<br>**15**<br>**Restricted Funds**<br>Parishes Special Collections<br>**13.1.1**<br>Pleasington Priory<br>**13.1.2**<br>Stydd Trust<br>**13.1.3**<br>Stanford Trust<br>**13.1.4**<br>Ecclesiastical Education Fund<br>**13.1.5**<br>SCA - School Building Works<br>**13.1.6**<br>Other Restricted Funds<br>**13.1.7**<br>**Designated Funds**<br>Care of Clergy Provision<br>**Endowment Funds**<br>SRCDTR<br>**13.3.1**<br>Moston & Wardley Cemeteries<br>**13.3.2**<br>**Revaluation Reserve**<br>**13.4.1**<br>TOTAL FUNDS|**Balance**<br>**01-Jan-23**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**Transfers**<br>**Gains and Losses**<br>**Balance**<br>**31-Dec-23**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>103,401,784<br>17,283,979<br>(25,026,002)<br>-<br>925,314<br>96,585,075<br>265,612<br>28,751<br>(6,760)<br>-<br>-<br>287,603<br>1,174,502<br>999<br>(111,162)<br>-<br>-<br>1,064,339<br>309,639<br>-<br>-<br>-<br>-<br>309,639<br>385,466<br>-<br>-<br>-<br>-<br>385,466<br>-<br>165,741<br>(158,759)<br>-<br>-<br>6,982<br>7,490,885<br>10,661,410<br>(10,398,122)<br>-<br>-<br>7,754,173<br>119,347<br>107,889<br>(209,026)<br>-<br>-<br>18,210|
|---|---|
||9,745,451<br>10,964,790<br>(10,883,829)<br>-<br>-<br>9,826,412<br>(2,890,000)<br>-<br>-<br>-<br>(322,000)<br>(3,212,000)|
||(2,890,000)<br>-<br>-<br>-<br>(322,000)<br>(3,212,000)<br>1,000<br>-<br>-<br>-<br>-<br>1,000<br>456<br>-<br>-<br>-<br>-<br>456|
||1,456<br>-<br>-<br>-<br>-<br>1,456<br>5,500,482<br>-<br>-<br>-<br>45,000<br>5,545,482|
||**115,759,173**<br>**28,248,769**<br>**(35,909,831)**<br>**-**<br>**648,314**<br>**108,746,425**|



## **13.1. Restricted Funds** 

The Restricted funds are held for the following purposes: 

- **13.1.1** Parishes Special collections This represents the specific collections and payments within the parishes mainly for Parish based appeals, for example in relation to building projects. 

- **13.1.2** Pleasington Priory Trust Funds held on behalf of the Pleasington Priory Trust for the upkeep and maintenance of the Chapel known as Pleasington Priory and its ancillary substantial buildings. 

- **13.1.3** Stydd Trust Originally for the support of the almshouses at Stydd, the income is for the benefit of the Ecclesiastical Education Fund. This is a separate trust no 229802, administered by the Salford Diocesan Trustees. 

- **13.1.4** Stanford Trust Income to the parish for the poor of Ribchester, this is a separate charitable trust no 252602, administered by the Salford Diocesan Trustees 

- **13.1.5** Ecclesiastical Education Fund Funds held for the training of priests. 

- **13.1.6** SCA, Schools buildings Programme, relates to committed yet uncompleted works. 

- **13.1.7** Other Restricted Funds includes Laudato Si centre, Thomas Eccles Trust monies which have a restricted purpose. 

## **13.2. Designated Funds** 

## Designated funds are set aside for various purposes. The main areas are as follows: 

- **13.2.1** Moston & Wardley Cemeteries - Funds deposited with the cemeteries board to finance the upkeep of individual cemetery plots. No permanent endowment is created by these funds. 

- **13.2.2** Care of the Clergy, a provision is in place to highlight the continued support for the clergy by the diocese. The value is assessed by an independent Actuarial assessment. 

## **13.3. Permanent Endowment Funds** 

- **13.3.1** The original endowment funds of the Diocese amount to £1,000 representing the minimum reserve. 

- **13.3.2** Moston & Wardley endowments are in respect of funds left for the maintenance of individual graves. No further endowments will be accepted for this purpose. 

## **13.4. Revaluation Reserves** 

- **13.4.1** Identification and revaluation of investment properties, additional reserves have been identified, verified by independent assessment. Review of the identified investment properties will occur ever 5 years. 

The notes on pages 30 to 50 form part of these financial statements 

47 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **14. Funds: movement in the year** 

|**Unrestricted & Designated**<br>Balance at 1 January<br>Net movements in the year<br>Balance at 31 December<br>**Restricted**<br>Balance at 1 January<br>Net movements in the year<br>Balance at 31 December<br>**Permanent Endowment**<br>Balance at 1 January<br>Balance at 31 December<br>**Revaluation Reserve**<br>Balance at 1 January<br>Net movements in the year<br>Balance at 31 December<br>**Care of Clergy Provision**<br>Balance at 1 January<br>Change in revaluation<br>Balance at 31 December<br>**Total Funds**|**2024**<br>**2023**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>96,585,074<br>103,401,784<br>96,130,865<br>102,970,853<br>(2,983,974)<br>(6,816,710)<br>(2,889,954)<br>(6,839,988)<br>**Group**<br>**Charity**|
|---|---|
||93,601,100<br>96,585,074<br>93,240,911<br>96,130,865|
||9,826,412<br>9,745,451<br>9,826,413<br>9,745,452<br>649,063<br>80,961<br>649,063<br>80,961|
||10,475,475<br>9,826,412<br>10,475,476<br>9,826,413|
||1,456<br>1,456<br>1,456<br>1,456|
||1,456<br>1,456<br>1,456<br>1,456|
||5,545,482<br>5,500,482<br>5,545,482<br>5,500,482<br>-<br>45,000<br>-<br>45,000|
||5,545,482<br>5,545,482<br>5,545,482<br>5,545,482|
||(3,212,000)<br>(2,890,000)<br>(3,212,000)<br>(2,890,000)<br>213,000<br>(322,000)<br>213,000<br>(322,000)|
||(2,999,000)<br>(3,212,000)<br>(2,999,000)<br>(3,212,000)|
|||
||106,624,513<br>108,746,424<br>106,264,325<br>108,292,216|



## **15. Analysis of net assets between funds** 

|||||**Permanent**||
|---|---|---|---|---|---|
|**Group**|**Unrestricted Funds**|**Designated Funds**|**Restricted Funds**|**Endowment**|**Total**|
||**£**|**£**|**£**|**£**|**£**|
|**Fund balances at 31 December 2024 are represented**||**by:**||||
|Tangible fixed assets|48,917,324|-|-|-|48,917,324|
|Investment assets|35,899,675|-|-|-|35,899,675|
|Current assets|21,722,040|-|10,475,475|1,456|32,198,971|
|Current liabilities|(7,392,458)|(2,999,000)|-|-|(10,391,458)|
|Total net assets at 31 December||||||
|2024|99,146,581|(2,999,000)|10,475,475|1,456|106,624,512|
|||||**Permanent**||
|**Charity**|**Unrestricted Funds**|**Designated Funds**|**Restricted Funds**|**Endowment**|**Total**|
||**£**|**£**|**£**|**£**|**£**|
|**Fund balances at 31 December 2024 are represented**||**by:**||||
|Tangible fixed assets|48,809,330|-|-|-|48,809,330|
|Investment assets|35,899,680|-|-|-|35,899,680|
|Current assets|21,092,603|-|10,475,476|1,456|31,569,535|
|Current liabilities|(7,015,220)|(2,999,000)|-|-|(10,014,220)|
|Total net assets at 31 December||||||
|2024|98,786,393|(2,999,000)|10,475,476|1,456|106,264,325|



The notes on pages 30 to 50  form part of these financial statements 

48 



## Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **15. Analysis of net assets between funds (Continued)** 

||||||**Permanent**||
|---|---|---|---|---|---|---|
|**Group**|**Unrestricted Funds**|**Designated Funds**||**Restricted Funds**|**Endowment**|**Total**|
||**£**||**£**|**£**|**£**|**£**|
|**Fund balances at 31 December 2023 are represented**||**by:**|||||
|Tangible fixed assets|42,734,185||-|-|-|42,734,185|
|Investment assets|40,802,850||-|-|-|40,802,850|
|Current assets|28,544,441||-|9,826,412|1,456|38,372,309|
|Current liabilities|(9,950,920)||(3,212,000)<br>|-|-|(13,162,920)|
|Total net assets at 31 December|||||||
|2023|102,130,556|-|3,212,000<br>|9,826,412|1,456|108,746,424|
||||||**Permanent**||
|**Charity**|**Unrestricted Funds**|**Designated Funds**||**Restricted Funds**|**Endowment**|**Total**|
||**£**||**£**|**£**|**£**|**£**|
|**Fund balances at 31 December 2023 are represented**||**by:**|||||
|Tangible fixed assets|42,589,253||-|-|-|42,589,253|
|Investment assets|40,802,855||-|-|-|40,802,855|
|Current assets|27,687,433||-|9,826,413|1,456|37,515,302|
|Current liabilities|(9,403,194)||(3,212,000)<br>|-|-|(12,615,194)|
|Total net assets at 31 December|||||||
|2023|101,676,347|-|3,212,000<br>|9,826,413|1,456|108,292,216|



## **15.1. Analysis of net funds** 

|**Group**<br>Cash at bank and in hand<br>Debt due within one year<br>Net Funds<br>**Charity**<br>Cash at bank and in hand<br>Debt due within one year<br>Net Funds|**Balance**<br>**01-Jan-24**<br>**Financing Cash**<br>**Flows**<br>**Balance**<br>**31-Dec-24**<br>**£**<br>**£**<br>**£**<br>33,993,365<br>(11,429,502)<br>22,563,863<br>(7,045,534)<br>2,651,486<br>(4,394,048)|
|---|---|
||26,947,831<br>(8,778,016)<br>18,169,815|
||**Balance**<br>**01-Jan-24**<br>**Financing Cash**<br>**Flows**<br>**Balance**<br>**31-Dec-24**<br>**£**<br>**£**<br>**£**<br>33,337,646<br>(11,214,635)<br>22,123,011<br>(6,986,571)<br>2,646,923<br>(4,339,648)|
||26,351,075<br>(8,567,712)<br>17,783,363|



Cash and cash equivalents are comprised of Cash at bank as well as Cash held as part of the investments 

## **16. Pensions and similar obligations** 

The Charity has made suitable arrangements for employee pensions, providing access to defined contribution pension schemes for all members of staff, including ensuring compliance with recent legislation for auto-enrolment and where applicable access to the Teacher' Pension Scheme England and Wales (TPS) for academic and related staff. 

The Trustees retain the services of independent pension advisors, Punter Southall Aspire, who provide specialist advice. Pension schemes are administered by Insurance Companies with the assets held separately from the 

Pension costs charged in the statement of financial activities represent the contributions payable by the Charity in the year. 

The notes on pages 30 to 50 form part of these financial statements 

49 



Diocese of Salford Trustees' Annual Report and Accounts 2024 Financial Statements Notes to the Financial Statements 

## **Teachers’ Pension Scheme** 

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. 

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary. These contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. 

Under the definitions set out in FRS102, the TPS is an unfunded multi-employer pension scheme. The charity has accounted for its contributions to the scheme as if it were a defined contribution scheme. 

## **17. Details of subsidiaries and consolidation** 

|Tangible fixed assets<br>Current assets<br>Creditors: amounts falling due within one year<br>Creditors: amounts falling due after more than one<br>year<br>Representing:<br>Share capital<br>Profit and loss account|**Catholic**<br>**Building**<br>**Services**<br>**Limited**<br>**Catholic**<br>**Support**<br>**Services**<br>**Limited**<br>**S.D.C.**<br>**Trading**<br>**Limited**<br>**Catholic Truth**<br>**Society**<br>**(Diocese of**<br>**Salford)**<br>**2024 Total**<br>**2023 Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>637<br>107,351<br>-<br>107,987<br>144,926<br>-<br>454,327<br>408,345<br>73,518<br>936,189<br>1,088,080|
|---|---|
||-<br>454,963<br>515,695<br>73,518<br>1,044,177<br>1,233,006<br>-<br>(415,525)<br>(212,113)<br>(22,719)<br>(650,357)<br>(642,535)|
||-<br>39,438<br>303,582<br>50,800<br>393,820<br>590,471<br>-<br>-<br>(241,492)<br>-<br>(241,492)<br>(344,124)|
||-<br>39,438<br>62,090<br>50,800<br>152,328<br>246,347|
||-<br>1<br>2<br>-<br>3<br>3<br>-<br>39,437<br>62,088<br>50,800<br>152,325<br>246,344|
||-<br>39,438<br>62,090<br>50,800<br>152,328<br>246,347|



|Turnover<br>Cost of sales<br>Gross profit/ (loss)<br>Administrative expenses<br>Establishment Costs<br>Finance charges<br>Depreciation costs<br>Net profit<br>Retained earnings brought forward<br>Amount gifted to charity<br>Retained in the subsidiary|**Catholic**<br>**Building**<br>**Services**<br>**Limited**<br>**Catholic**<br>**Support**<br>**Services**<br>**Limited**<br>**S.D.C.**<br>**Trading**<br>**Limited**<br>**Catholic Truth**<br>**Society**<br>**(Diocese of**<br>**Salford)**<br>**2024 Total**<br>**2023 Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>1,708,168<br>1,516,476<br>29,541<br>3,254,186<br>3,110,775<br>-<br>(849,664)<br>(1,151,431)<br>(30,119)<br>(2,031,214)<br>(2,304,561)<br>-<br>858,505<br>365,045<br>(577)<br>1,222,973<br>806,213<br>-<br>(18,199)<br>(185,892)<br>(10,570)<br>(214,661)<br>(532,286)<br>-<br>-<br>-<br>(447)<br>(447)<br>(2,197)<br>-<br>(167)<br>-<br>(383)<br>(550)<br>(2,930)<br>-<br>(702)<br>(38,437)<br>-<br>(39,139)<br>(39,027)<br>-<br>839,437<br>140,716<br>(11,977)<br>968,176<br>229,774<br>-<br>262,302<br>(78,626)<br>62,776<br>246,452<br>216,569<br>-<br>(1,062,302)<br>-<br>-<br>(1,062,302)<br>(200,000)<br>-<br>39,437<br>62,090<br>50,798<br>152,326<br>246,343|
|---|---|



The individual financial statements of the subsidiary entities included in the consolidation are drawn up on the same accounting date, 31st December 2024. All subsidiary companies are fully consolidated in the Group financial statements. 

The notes on pages 30 to 50  form part of these financial statements 

50 



11
www.dloceseofsalford.org.uk
@SalfordDiocese
@SalfordDiocese
DIOCESE OF
SALFORD